ABM has reported a fiscal third-quarter revenue of US$2 billion, a 3.4% year-over-year increase in sales.

The company reported a quarterly net income of $98.1 million, or $1.47 per share, up from $56.8 million, or $0.85 per share last year. ABM credited to a $37.2 million gain from an adjustment to the fair value of contingent consideration related to the RavenVolt acquisition, receipt of an Employee Retention Credit of $22.4 million, and the benefit of cost controls and price increases.

“In a challenging operating environment, ABM generated revenue growth of 3.4%. Strong growth in our aviation, education, and manufacturing and distribution segments was partially offset by delayed project starts and lower bundled energy solutions activity within our technical solutions segment. Additionally, market conditions remained soft for our janitorial service line in the business and industry segment,” said Scott Salmirs, ABM CEO and president. “Our teams have been taking actions to accelerate projects, and we also quickly implemented measures to adjust our cost structure to the current demand environment in certain of our businesses. This helped us deliver solid adjusted margin and generate strong operating cash flow in the quarter.”

About ABM
ABM is a provider of building maintenance and facility services across the United States and Canada, offering customized solutions for cleaning, engineering maintenance, and commercial building maintenance. For more information, visit www.abm.com.