UPDATE 1-ABM Industries Q4 profit falls from insurance gain
(Adds sales, forecasts)
NEW YORK Dec 11 (Reuters) - Janitorial and office services contractor ABM Industries Inc (ABM.N: Cotización) reported on Tuesday a fiscal fourth-quarter net profit that was down 75 percent against last year when the company posted an insurance settlement gain.
For the quarter ended Oct. 31, the company said it earned $15.0 million, or 30 cents per share, compared with profit of $61.6 million, or $1.24 per share, in the prior-year fourth quarter when it posted a gain of $45.1 million, or 91 cents per share, from a settlement of World Trade Center insurance claims.
Meanwhile, the fourth quarter 2007 included a $4.2 million, or 8 cents per share, reduction in the benefits from self insurance reserve adjustments, the San Francisco-based company said.
Sales and other income for the fourth quarter fiscal 2007 were $723.9 million, up 3.9 percent from last year.
Analysts had expected the company to post earnings of 33 cents per share and revenue of $731 million, according to Reuters Estimates.
For fiscal 2008, the company sees earnings, excluding one-time expenses related to its acquisition of UK cleaning firm OneSource and other items, to be in the range of $1.15 to $1.25 per share, trailing the average of analysts forecasts of $1.30, according to Reuters Estimates.
Including the one-time expenses, the company forecasts net fiscal 2008 earnings in the range of 90 cents to $1.00 per share.
For the fiscal first quarter, AMB sees earnings, excluding one-time items, in the range of 14 cents to 18 cents per share, while analysts forecast 16 cents per share.
It sees net profit of 8 cents to 12 cents per share. (Reporting by Ilaina Jonas, editing by Jacqueline Wong)
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