The Brink's Company (BCO) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $12.80 million, or $ 0.25 a share in the quarter, against a net loss of $3.60 million, or $0.07 a share in the last year period. On the other hand, adjusted income from continuing operations for the quarter stood at $44 million, or $0.87 a share compared with $27 million or $0.55 a share, a year ago.
Revenue during the quarter grew 4.92 percent to $803.50 million from $765.80 million in the previous year period. Gross margin for the quarter expanded 175 basis points over the previous year period to 22.73 percent. Total expenses were 92.74 percent of quarterly revenues, down from 95.69 percent for the same period last year. This has led to an improvement of 295 basis points in operating margin to 7.26 percent.
Operating income for the quarter was $58.30 million, compared with $33 million in the previous year period.
However, the adjusted operating income for the quarter stood at $77 million compared to $49 million in the prior year period. At the same time, adjusted operating margin improved 318 basis points in the quarter to 9.58 percent from 6.40 percent in the last year period.
Doug Pertz, president and chief executive officer, said: "We were pleased to finish 2016 on such a strong note, with a 58% increase in fourth-quarter non-GAAP earnings per share that was driven primarily by a revenue and profit rebound in the U.S. and additional profit growth in Latin America and Mexico. Fourth-quarter non-GAAP operating profit grew 71% on an organic basis, reflecting an operating margin of 10%, a strong improvement over 6.6% in the fourth quarter of 2015. Non-GAAP organic revenue growth for the quarter was 10%."
For fiscal year 2017, Brinks Co forecasts revenue to be $3,000 million and projects adjusted revenue to be $3,000 million. The company forecasts Income from continuing operations to be in the range of $106 million to $111 million and projects adjusted Income from continuing operations to be in the range of $126 million to $131 million. It expects operating income to be in the range of $198 million to $208 million and expects adjusted operating income to be in the range of $230 million to $240 million. The company projects diluted earnings from continuing operations per share to be in the range of $2.05 to $2.15 and projects diluted earnings from continuing operations per share to be in the range of $2.45 to $2.55 on adjusted basis.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
