Brink's Q1 results top expectations
NEW YORK--The Brink's Company's first quarter earnings exceeded Wall Street expectations and shares rose $1.29 to $65.29 on May 2, Reuters reported.
The company reported that gross first quarter revenues fell from a year earlier, when it recorded a large one-time gain from the sale of BAX, but profits on operations were up.
"The operating environment in Europe continues to be our greatest challenge," said Chief Executive Michael Dan of the company's armored car unit during a conference call. A company executive said during the call that one of that unit's European divisions will lose a "significant" amount of business and that a response might include cost-reduction efforts.
Net income fell to $28.7 million, or 61 cents a share, from $403.4 million, or $6.92 a share, a year earlier. Operating earnings were 61 cents, higher than the 56 cents expected by analysts on average, according to a Reuters. Revenue from operations rose 13.2 percent to $751.5 million, beating analysts' estimates of $726.3 million, Reuters reported.