This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Brink’s Reports Second-Quarter Earnings

Stocks in this article: BCO

The Brink’s Company (NYSE: BCO), a global leader in security-related services, reported second-quarter GAAP earnings from continuing operations of $5 million versus $21 million in 2010 ($.11 versus $.42 per share) on 34% revenue growth. Results include a charge of $10 million ($.13 per share after tax) related to the 2010 exit of cash-in-transit operations in Belgium.

Non-GAAP earnings from continuing operations were $13 million versus $15 million in 2010 ($.27 per share versus $.30). Non-GAAP organic revenue, which excludes the impact of acquisitions, dispositions and currency translation, increased 9%. Results are summarized below.

                         
  Second Quarter   First Half
(In millions, except per share amounts) 2011   2010   % Change 2011   2010   % Change
 
 

GAAP

Revenues $ 979 729 34 % $ 1,893 1,465 29 %
Segment operating profit (a) 37 44 (17 ) 89 79 12
Non-segment expense (16 ) (13 ) 29 (31 ) (24 ) 32
Operating profit 20 32 (35 ) 57 55 4
Income from continuing operations (b) 5 21 (74 ) 24 16 52
Diluted EPS from continuing operations (b) 0.11 0.42 (74 ) 0.50 0.32 56
 

Non-GAAP (c)

Revenues $ 979 729 34 % $ 1,893 1,465 29 %
Segment operating profit (a) 48 42 13 100 82 21
Non-segment expense (16 ) (15 ) 12 (32 ) (27 ) 15
Operating profit 32 28 13 68 55 24
Income from continuing operations (b) 13 15 (11 ) 28 26 7
Diluted EPS from continuing operations (b)     0.27     0.30     (10 )     0.58     0.53     9  

Amounts may not add due to rounding.

(a)   Segment operating profit is a non-GAAP measure that is reconciled to operating profit, a GAAP measure, on pages 3 and 6. Disclosure of segment operating profit enables investors to assess operating performance excluding non-segment income and expense.
(b) Amounts reported are attributable to shareholders of The Brink’s Company and exclude earnings related to noncontrolling interests.
(c) Non-GAAP results are reconciled to GAAP results on pages 14 and 15.
 

Page 1

 
Summary Reconciliation of Second-Quarter GAAP to Non-GAAP EPS*
         
  Second Quarter   First Half

2011

 

2010

2011

 

2010

GAAP EPS $ 0.11 $ 0.42 $ 0.50 $ 0.32
Exclude income tax charge related to U.S. healthcare legislation - - - 0.28
Adjust quarterly tax rate to full-year average rate 0.01 (0.08 ) - (0.07 )
Exclude Belgium settlement charge 0.13 - 0.13 -
Exclude Mexico employee benefit settlement loss 0.01 - 0.01 -
Exclude gains on sale of investment securities and acquisition - - (0.06 ) -
Exclude impact of net monetary asset remeasurement in Venezuela - (0.02 ) - 0.04
Exclude royalties from former home security unit - (0.02 ) - (0.05 )
Non-GAAP EPS $ 0.27 $ 0.30 $ 0.58 $ 0.53
                 

*Non-GAAP results are reconciled to the applicable GAAP results in more detail on pages 14 and 15. Amounts may not add due to rounding.

Non-GAAP earnings declined as a segment operating profit increase of 13% ($6 million) was more than offset by increased borrowing costs ($4 million), higher Non-Segment expenses ($2 million) and higher noncontrolling interest ($2 million). The segment profit increase was driven by improvement in Global Services, currency ($6 million) and acquisitions and dispositions ($2 million), partially offset by restructuring and severance charges (up $6 million) and accounting corrections (up $4 million).

1 of 11

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs