By Rob Curran
Brink's posted a drop in quarterly profit and cut its projection for 2024 operating earnings and revenue, pressured by a stronger dollar and macroeconomic challenges.
The Richmond, Va., security firm, which provides armored vans, automated-teller-machine installations and other services, Monday reported net income of $28.9 million, or 65 cents a share, down from $45.7 million, or 97 cents a share, a year earlier.
Stripping out one-time items, Brink's posted adjusted earnings of $1.51 a share. Third-quarter revenue rose 3% to $1.26 billion.
For 2024, Brink's cut its forecast for earnings from continuing operations to between $6.50 and $6.80 a share, down from a prior estimate of $7.30-to-$8 a share.
The company cut its revenue projection to between $5 billion and $5.05 billion, down from a prior range of $5.075 billion-$5.225 billion, citing currency fluctuation and market headwinds.
Brink's reduced its target for adjusted earnings before interest, depreciation, taxes and amortization to between $900 million and $920 million, down from a prior estimated range of $935 million-$995 million.
Shares of Brink's fell 4.5% to $99.30 before the opening bell Wednesday.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
November 06, 2024 08:16 ET (13:16 GMT)
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