Brink's (BCO) Tops Q1 EPS by 7c, Revenues Miss; Affirms FY19 EPS/Revenue Guidance

Brink's (NYSE: BCO) reported Q1 EPS of $0.79, $0.07 better than the analyst estimate of $0.72. Revenue for the quarter came in at $905 million versus the consensus estimate of $914.04 million.

• Segment revenue: Organic and acquisition-related growth of $148 million (up 17% constant currency) more than offset negative currency translation of $97 million
• Total operating profit:
  • GAAP: $18 million profit growth more than offset by negative currency translation of $24 million
  • Non-GAAP: $36 million profit growth more than offset negative currency translation of $22 million
• Total U.S. revenue up 53%, profit tripled to $24 million, margin doubled to 8.1%

“Our first-quarter results support our full-year non-GAAP guidance, which targets operating profit growth of 20% despite the expected persistence of currency headwinds. Our non-GAAP guidance also includes approximately $20 million to $30 million of increased operating expenses to support new strategic and IT initiatives. We expect organic growth initiatives and acquisition-related synergies to drive profit growth across all segments, supporting an expected increase of 100 basis points in our 2019 margin rate to approximately 11%. In addition, the negative impact of the Argentine peso is expected to diminish as inflation-driven price increases exceed projected devaluation in that country.”

GUIDANCE:

Brink's sees FY2019 EPS of $4.10-$4.30, versus the consensus of $4.22. Brink's sees FY2019 revenue of $3.75 billion, versus the consensus of $3.75 billion.

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

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