Brink's Company Q3 Profit Decreases - Quick Facts

(RTTNews) - The Brink's Company (BCO), a global leader in security-related services, reported that its third-quarter income from continuing operations decreased to $18.7 million or $0.38 per share from $29.8 million or $0.61 per share, last year. Non-GAAP EPS was $0.19 for the quarter.

Revenues were $913.1 million, compared to $982.4 million, a year ago.

Tom Schievelbein, CEO, said: "The lower third-quarter earnings reflect relatively flat profits in all regions except Latin America, where profits declined sharply due primarily to a negative currency impact of $12 million, organic profit declines in Venezuela, Mexico and Brazil and a theft loss in Chile. The negative currency impact was due mainly to the devaluation of the Venezuelan bolivar earlier this year."

Brink's Company reduced its 2014 non-GAAP segment margin rate to a range between 5.5% and 6.0% and expects full-year revenue of about $3.7 billion.

Brink's Company continues to expect strong profit growth in 2015 and 2016 as operational improvements begin to take hold, particularly in the U.S. and Mexico. The company's target for 2015 is to achieve a non-GAAP segment margin rate of 6.5% to 7.0% on revenue of about $3.8 billion. Brink's Company said its goal to achieve a full-year segment margin rate of 8% by the end of 2016 has not changed.