Brink's Q2 Results Top Estimates; Cuts FY16 EPS View, Maintains Revenue Forecast

(RTTNews) - Brink's Co. (BCO), a provider of security-related services, reported Thursday that its second-quarter net income attributable to the company was $0.3 million or $0.01 per share, compared to prior year's loss of $12.9 million or $0.26 per share in 2015.

Adjusted earnings were $0.38 per share, compared to $0.30 per share last year. On average, three analysts polled by Thomson Reuters expected earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.

The improvement in earnings was driven primarily by organic growth in Latin America and lower corporate expenses, partially offset by ongoing currency headwinds.

Revenues declined to $739.5 million from $760.3 million a year ago. Organic revenue growth was 9%. Adjusted revenues were $717 million, compared to $748 million a year ago. Analysts expected revenues of $699.03 million.

Looking ahead, the company expects fiscal 2016 adjusted earnings of $1.95 to $2.10 per share, down slightly from prior range of $2.00 to $2.20, due mainly to lower-than-expected profits in the U.S. and Mexico.

The company's full-year adjusted revenue outlook is unchanged at approximately $2.9 billion. Analysts expect earnings of $1.92 per share on revenues of $2.88 billion for the year.

Further, the company announced additional structural and organizational management changes. Doug Pertz, president and CEO, has assumed the additional role of president of U.S. operations, the company's largest operating unit. Amit Zukerman, executive vice president and president, global operations and Brink's Global Services, has also assumed responsibility for France operations.

Mike Beech has been named executive vice president, Mexico and Brazil operations, while Chris Parks will continue in his role as vice president and general manager of Brink's Canada and will report directly to Pertz.