RICHMOND, Va. (AP) ¿ Armored car company Brink's Co. said Thursday that its third-quarter profit fell 28.3 percent as the weak economy limited sales of diamonds and jewelry ¿ two key items the company's vehicles transport.
The results for the company, based in Richmond, Va., fell below analysts' adjusted expectations, and shares slipped in morning trading.
The company said it earned $34.4 million, or 72 cents a share, in the three-month period ended Sept. 30. In the same period last year, the company earned $48 million, or $1.03 a share.
Excluding one-time items, including an acquisition related gain in the current year's third quarter and gains from discontinued operations, the company earned 41 cents a share.According to Thomson Reuters, analysts predicted earnings per share of 49 cents. Their estimates typically exclude one-time items. Revenue in the quarter fell 1.4 percent to $801.8 million from $813.4 million in the same period a year earlier. That was higher than the $780.2 million analysts had predicted in revenue. Shares slipped 9 cents to close at $24.67 Thursday. CEO Michael T. Dan said the economy continues to hurt the business. He said the company expects organic revenue to grow in the low to mid-single digit percentages in 2010.