In the latest fourth quarter, Brink’s Co. saw an increase in adjusted earnings as part of its ongoing efforts to downsize its workforce by up to 3,400 positions.
Financial Overview
- The Richmond, Va.-based company reported a loss of $5 million, or 13 cents per share, compared to a profit of $45 million, or $1.01 per share, in the prior year.
- Adjusted for certain one-time items, Brink’s reported earnings of $2.76 per share, up from $2.10 per share in the previous year.
- Sales also showed growth with a 5% increase to $1.25 billion.
Future Outlook
- Looking ahead to fiscal 2024, Brink’s anticipates revenues ranging between $5.08 billion and $5.23 billion, with adjusted earnings expected to fall between $7.30 and $8 per share.
Restructuring Efforts
- In the first quarter of 2023, Brink’s successfully completed and approved a restructuring plan aimed at yielding approximately $60 million in annualized cost savings.
- Up to this point, the company has incurred charges totaling $33.2 million within the program, including $11 million in the year 2023.
Overall, Brink’s Co. remains focused on enhancing its financial performance and streamlining its operations for sustained growth in the future.
