Brink's Stock Surges Post Q3 Earnings Beat, Plans Stock Buyback

Brink's Co BCO reported third-quarter revenue growth of 11% year-over-year to $1.08 billion, an organic increase of 6%, beating the consensus of $1.05 billion.
Sales by segments: North America $361 million (+14% Y/Y), Latin America $289 million (+13% Y/Y), Europe $238 million (+6% Y/Y) and Rest of the World $188 million (+8% Y/Y)
Adjusted EPS improved by 28% Y/Y to $1.14, beating the consensus of $0.83.
Adjusted operating profit increased by 16% Y/Y to $116 million, and margin expanded by 50 bps to 10.8%.
Brink's generated non-GAAP cash from operating activities year-to-date of $253.5 million and Free cash flow of $145.5 million.
Adjusted EBITDA improved by 15.1% Y/Y to $170.3 million, margin expanded by 58 bps to 15.9%.
Brink's announced its plan for a $150 million accelerated share repurchase, representing ~5% of its outstanding shares at the current share price. Additionally, it revealed a $250 million share repurchase authorization, expiring December 31, 2023.
FY21 Outlook: Brink's revenue outlook remains unchanged at ~$4.1 billion - $4.2 billion vs. consensus of $4.19 billion.
The company expects non-GAAP EPS from continuing operations of $4.50 – $4.60 against the consensus of $4.40.
Preliminary FY22 Outlook: The company anticipates revenue in 2022 to exceed the pre-COVID adjusted level of $4.55 billion.
Price Action: BCO shares are trading higher by 11.28% at $65.68 on the last check Wednesday.

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