11:18 AM EDT, 09/06/2024 (MT Newswires) -- ABM Industries ( ABM ) on Friday increased its fiscal 2024 earnings outlook and reported better-than-expected third-quarter results amid double-digit revenue growth in the aviation and technical solutions segments.

The facility solution provider expects full-year adjusted earnings in the range of $3.48 to $3.55 per share, compared with its previous guidance of $3.40 to $3.50. Analysts polled by Capital IQ are forecasting normalized EPS of $3.47.

For the three-month period ended July 31, the company reported adjusted earnings of $0.94 per share, up from $0.79 the year before and ahead of the Capital IQ-polled consensus of $0.85. Revenue rose 3.3% year over year to $2.09 billion, above the Street's view of $2.04 billion.

On a GAAP basis, the company's net income per share plunged 95% mainly due to a $73.2 million impact connected with contingent consideration for the acquisition of micro-grid systems company Ravenvolt. That deal completed in 2022.

The stock fell 6.3% in Friday trading.

"Our third quarter results, which came in modestly above our expectations, coupled with our confidence in sustained performance for the remainder of the year, support our increased full year outlook," Chief Executive Scott Salmirs said in a statement.

Revenue in the business and industry segment fell 1.1% from last year to $1.01 billion mainly due to the "ongoing softness" in the commercial real estate market.

The aviation division saw revenue growth of 13% to $268.4 million, while education gained 4.2% to $228.3 million. Sales in the technical solutions business jumped 25% to $209.7 million, driven by growth in the micro-grid service line, according to the company.

"We are pleased with the progress we have made delivering our core janitorial and engineering services through advanced use of data and analytics," Salmirs said. "We have begun to see the benefits of this technology in terms of improved efficiency and client outcomes, and look forward to more broadly implementing these newly developed tools."

Price: 52.64, Change: -3.46, Percent Change: -6.17