Brink's 4Q net income rises on overseas strength

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Associated Press

Posted on February 1, 2013 at 10:01 AM

RICHMOND, Va. (AP) — Armored car company Brink's Co. said Friday that its fourth-quarter net income rose 77 percent, helped by strong results overseas.

The company also cautioned that it will be hard to match its 2012 earnings this year because of more productivity investments and its expectations for a currency devaluation in Venezuela.

Brink's earned $27.9 million, or 57 cents per share, for the period ended Dec. 31. That compares with $15.8 million, or 33 cents per share, a year earlier. The quarterly performance was helped by a smaller loss from discontinued operations.

Removing retirement plan expenses and other items, earnings were 60 cents per share.

Analysts polled by FactSet forecast earnings of 63 cents per share.

Revenue climbed to $1.01 billion from $968.3 million, with better performances in Latin America, the Asia Pacific region and Europe, the Middle East and Africa. Wall Street expected $999.2 million in revenue.

For the year, Brink's earned $88.9 million, or $1.83 per share. In the previous year the company earned $74.5 million, or $1.55 per share. Annual revenue rose 2 percent to $3.84 billion from $3.77 billion.

Chairman, President and CEO Tom Schievelbein said in a statement that the first quarter will be tough because the prior-year period included a strong performance from Latin America.

Brink's said it plans to sell its German cash-in-transit operations. The company expects the sale of its cash-in-transit business in Poland to be completed by March 31. It has completed the sale of its guarding operations in France and Morocco.

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