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- Brink's Company BCO reported Q1 2023 revenue growth of 10% Y/Y to $1.19 billion, +16% on a constant currency basis, beating the consensus of $1.17 billion.
- Sales by segments: North America $402 million (+9% Y/Y), Latin America $316 million (+8% Y/Y), Europe $269 million (+21% Y/Y) and Rest of the World $199 million (+4% Y/Y).
- Adjusted EPS fell 3% Y/Y to $1.16, beating the consensus of $1.09.
- Adjusted operating profit increased by 14% Y/Y to $127 million, and the margin expanded by 30 bps to 10.7%.
- Adjusted EBITDA improved by 15% Y/Y to $191 million.
- Brink generated non-GAAP cash from operating activities of $8.2 million and a free cash outflow of $(36.7) million in the quarter.
- FY23 Outlook: Brink reiterated the outlook for revenue at $4.80 billion –$4.95 billion (against the consensus of $4.86 billion) and free cash flow before dividends of $325 million – $375 million.
- The company increased the adjusted EPS outlook by $0.15 to $6.45 – $7.15 (consensus: $6.61).
- It raised guidance for adjusted operating profit by $10 million to $625 million – $675 million, Adjusted EBITDA by $10 million to $865 million – $915 million and Adjusted EBITDA margin by around 20 basis points to about 18.3%.
- Mark Eubanks, president and CEO, commented, "Double-digit revenue growth was highlighted by robust gains in digital retail solutions and ATM managed services, as well as strong pricing discipline across the business. The highest non-GAAP first quarter operating margin in recent history reflects higher levels of productivity including labor improvements in the U.S., benefits from the 2022 global restructuring plan and improved revenue mix."
- Price Action: BCO shares are trading higher by 4.28% at $65.78 on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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