Brink's (BCO) Tops Q2 EPS by 12c; Lowers Outlook

Brink's (NYSE: BCO) reported Q2 EPS of $0.38, $0.12 better than the analyst estimate of $0.26. Revenue for the quarter came in at $0 versus the consensus estimate of $699.03 million.

GUIDANCE:

Brink's sees FY2016 EPS of $1.95-$2.10, versus prior guidance of $2.00-$2.20 and the consensus of $1.92.

Doug Pertz, president and chief executive officer, said: “I'm very excited about joining Brink's because of the tremendous opportunity we have to create value for all of our stakeholders. Our primary objective is to restore confidence in the Brink's brand among investors, employees and customers. My immediate focus is on improving results in the U.S. Doing so is the first step in growing Adjusted EBITDA and, ultimately, our valuation multiples. To that end, I have assumed the additional responsibility for leading our U.S. operations, which enables me to accelerate my knowledge of the business and drive improvement more quickly.

“We have some great strengths on the Brink's team, and we're building on those strengths with new additions in key positions. We’ve already announced changes at the CFO and CIO level, and today we announced additional structural and organizational management changes that will sharpen our focus on improving results throughout our global markets.

“The improvement in second-quarter non-GAAP earnings was driven primarily by organic growth in Latin America and lower corporate expenses, partially offset by ongoing currency headwinds. So far this year, the currency impact has been milder than expected, but this could change given global economic uncertainty.

“We expect full-year non-GAAP earnings of $1.95 to $2.10 per share, down slightly from our prior range of $2.00 to $2.20, due mainly to lower-than-expected profits in the U.S. and Mexico. Our 2016 non-GAAP revenue outlook is unchanged at approximately $2.9 billion.”

For earnings history and earnings-related data on Brink's (BCO) click here.

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