Shares of Brink's (BCO) plummeted in pre-market trading on November 6, 2024, after the cash logistics company reported its third-quarter 2024 results that fell short of Wall Street's expectations.

For the quarter ended September 30, 2024, Brink's reported adjusted earnings per share of $1.51, missing analysts' estimates of $1.79. Revenue came in at $1.26 billion, slightly below the consensus estimate of $1.275 billion.

While the company saw strong organic growth of 26% in its ATM managed services and digital retail solutions segments, its global services business faced headwinds from a strengthening U.S. dollar and cyclical market challenges. Additionally, Brink's recorded a $10 million increase in security losses year-over-year, primarily from a large loss event.

Brink's CEO Mark Eubanks acknowledged the challenges, stating, "We delivered strong 26% organic growth in AMS and DRS as we continue to stimulate customer demand for outsourcing with financial institutions and convert whitespace opportunities in retail. These higher-margin, recurring revenue businesses now represent over 23% of total company revenue and are expected to deliver over 20% organic growth in 2024. This growth was partially offset by a strengthening US dollar as well as cyclical market headwinds in our global services business."

The company revised its full-year 2024 guidance, with adjusted EBITDA now expected to be between $900 million and $920 million, reflecting the impact of currency and market headwinds in global services.