Brink's Co. Q1 Loss Widens - Quick Facts

(RTTNews) - Brink's Company (BCO), security-related services, said that its first-quarter net loss attributable to the company widened to $58.5 million from the prior year's $16.6 million, with loss per share widening to $1.20 from $0.34 last year.

Loss from continuing operations was $1.19 per share versus profit of $0.06 per share in the prior year.

Non-GAAP earnings per share from continuing operations rose to $0.43 from $0.38 last year.

Revenues for the quarter rose to $991.6 million from $950.5 million in the prior year.

On April 14, Brink's announced that it will no longer use Venezuela's official exchange rate of 6.3 bolivars per U.S. dollar and has adopted the government's SICAD II floating rate of approximately 50 bolivars per U.S. dollar, which took effect on March 24. As a result of the devaluation, the company recorded a first-quarter remeasurement charge of $122 million related to the write-down of its bolivar-denominated net monetary assets.

First-quarter 2014 GAAP and Non-GAAP earnings include results from Venezuela for January 1 through March 23 at the official rate (6.3), with the balance of March results reported at the SICAD II rate (approximately 50).

The company said that First-quarter earnings compare favorably to year-ago results due to last year's Belgium theft loss and strong results in Venezuela prior to the March 24 currency devaluation. The devaluation eliminates Venezuela's profit for the remainder of 2014. As a result, its 2014 guidance has been reduced. It now expects its 2014 segment margin rate to be about 6.5 % with full-year revenue of approximately $3.7 billion. This revision is due entirely to the March 24 devaluation. Revenue and margin guidance for the remainder of the business remains intact.