NEW YORK - The Brink's Company (NYSE:BCO) reported third-quarter earnings and revenue that fell short of analyst estimates on Wednesday, sending shares down over 4% in premarket trading.
The cash management and security services provider posted adjusted earnings per share of $1.51, missing the consensus forecast of $1.79. Revenue came in at $1.26 billion, below expectations of $1.28 billion.
While revenue grew 3% YoY, the company faced headwinds from currency fluctuations and weakness in its global services business. Organic growth of 26% in ATM managed services and digital retail solutions was offset by these challenges.
"In the third quarter, we delivered strong 26% organic growth in AMS (VIE:AMS2) and DRS as we continue to stimulate customer demand for outsourcing with financial institutions and convert whitespace opportunities in retail," said CEO Mark Eubanks. "This growth was partially offset by a strengthening US dollar as well as cyclical market headwinds in our global services business."
The company updated its full-year 2024 guidance to reflect the impact of currency and market headwinds. Brink's now expects organic growth of 20% in its AMS and DRS segments, above previous expectations.
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