Brink's Q3 Net Profit Slips, But Revenue Up; Cuts FY Outlook Below View; Pre-Market Stock Down

(RTTNews) - Brink's Co. (BCO), a cash and valuables management company, on Wednesday reported a decline in earnings for the third quarter, amidst unusual headwinds and a $10 million year-on-year increase in security losses, primarily from a large loss event.

In addition, the company's earnings slipped below analysts' expectations.

Brink's has revised down its full-year guidance, below Street view to reflect the impact of currency and market headwinds in global services.

For the third quarter, the company recorded a net income of $29 million, down 37 percent from last year. Net earnings per share were reduced by 33 percent, year-on-year, to $0.65.

Excluding items, earnings stood at $217 million, down 6 percent from the previous year. Adjusted income per share was $1.51, down 27 percent from a year ago.

On average, three-analysts, polled by Thomson Reuters had forecast the company to earn $1.79 per share, for the quarter. Analysts' estimates typically exclude special items.

Operating profit dropped by 19 percent to $112 million, year-over-year basis.

Revenue, however, improved to $1.259 billion, up 3 percent from previous year, but below analysts' consensus of $1.27 billion. Looking ahead to the full year, the company now expects adjusted income from continuing operation to be in the range of $6.50 to $6.80 per share, lower than the prior outlook for $7.30 to $8 per share.

Revenue is now anticipated to be $5 billion to $5.050 billion against prior guidance of $5.075 billion to $5.225 billion.

Analysts, on average, project the firm to earn $7.45 per share, on revenue of $5.07 billion, for the year.

BCO was down by 4.76 percent at $99 in the pre-market trade on the New York Stock Exchange.