The Brink’s Company (NYSE: BCO), a global leader in security-related services, reported fourth-quarter earnings and full-year 2011 earnings.
- Revenue $997 million, up 13% (9% organic growth), EPS: $.36 vs. $.40
- Segment profit $72 million, up 1% (margin 7.3% vs. 8.2%)
- International margin 8.9% vs. 8.3%, North America 2.3% vs. 7.7%
- Revenue $997 million, up 13% (9% organic growth), EPS: $.56 vs. $.80
- Segment profit $74 million, down 13% (margin 7.4% vs. 9.6%)
- International margin 8.9% vs. 10.4%, North America 2.6% vs. 7.5%
- U.S. retirement costs excluded from non-GAAP results
- Management reiterates strategy and 2012 outlook
- Mexico acquisition profitable, on track for continued improvement
- 2012 U.S. pension plan contribution to be funded with company stock
|Summary Reconciliation of GAAP to Non-GAAP EPS|
|Fourth Quarter||Full Year|
|Exclude U.S. retirement plan expenses||0.09||0.07||0.37||0.28|
|Exclude costs related to former CEO retirement||0.05||-||0.05||-|
|Exclude Belgium exit charges||-||0.16||0.13||0.16|
|Exclude gains on asset sales, acquisitions and dispositions||-||0.12||(0.20||)||0.12|
|U.S. healthcare legislation charge||-||-||-||0.29|
|Adjust quarterly tax rate to full-year average rate||0.05||0.05||-||-|
|Summary of Fourth-Quarter and Full-Year Results|
|Fourth Quarter||Full Year|
|(In millions, except per share amounts)||2011||2010||% Change||2011||2010||% Change|
|Segment operating profit(a)||72||72||1||231||209||11|
|Income from continuing operations (b)||17||19||(10||)||73||57||29|
|Diluted EPS from continuing operations (b)||0.36||0.40||(10||)||1.52||1.17||30|
|Segment operating profit (a)||74||85||(13||)||247||225||10|
|Income from continuing operations (b)||27||38||(29||)||92||96||(5||)|
|Diluted EPS from continuing operations (b)||0.56||0.80||(30||)||1.90||1.99||(5||)|
|Amounts may not add due to rounding.|
Segment operating profit is a non-GAAP measure that is reconciled to operating profit, a GAAP measure, on pages 8 and 9. 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.|
Non-GAAP results are reconciled to GAAP results on pages 13 – 17.
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