Brink's Company reported a revenue increase for the third quarter and the first nine months of 2024, with revenues reaching $1,258.5 million for the three months ended September 30, 2024, up from $1,227.4 million in the same period of 2023. For the nine months, revenues totaled $3,747.7 million, compared to $3,629.0 million in the prior year. The growth was primarily driven by the Cash and Valuables Management segment, which contributed $948.2 million in Q3 2024, although this was a decrease from $970.9 million in Q3 2023. The Digital Retail Solutions and ATM Managed Services segments also saw an increase in revenue, contributing $310.3 million in Q3 2024, up from $256.5 million in the same period last year.
Despite the revenue growth, Brink's experienced a decline in operating profit for the third quarter, which fell to $111.6 million from $137.7 million in Q3 2023. The nine-month operating profit increased to $348.5 million from $323.1 million in the previous year. The decline in quarterly operating profit was attributed to higher corporate expenses and unfavorable currency exchange rates, particularly related to the Argentine peso.
Net income for the third quarter of 2024 was $31.9 million, down from $49.4 million in Q3 2023. However, net income for the nine months increased to $133.9 million from $102.8 million in the same period last year. Basic earnings per share from continuing operations for Q3 2024 were $0.66, down from $0.98 in Q3 2023, while for the nine months, it rose to $2.80 from $1.98.
Brink's also made strategic moves, acquiring two business operations in North America and Europe for approximately $21 million during the first nine months of 2024. The company continued its share repurchase program, buying back 1,291,224 shares for $125.3 million in the first nine months of 2024, with $375 million remaining under the program authorized in November 2023.
The company reported total long-term debt of $3,710.5 million as of September 30, 2024, an increase from $3,379.6 million at the end of 2023. Cash and cash equivalents rose to $1,226.3 million from $1,176.6 million during the same period. The effective income tax rate for the first nine months of 2024 was 36.0%, compared to 44.2% in the same period of 2023, reflecting a favorable change in tax expenses.
Overall, while Brink's demonstrated revenue growth and improved net income for the nine-month period, challenges in operating profit and net income for the third quarter highlight the impact of rising costs and currency fluctuations on profitability.
About BRINKS CO
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.