Q3 2024 Brinks Co Earnings Call Transcript
Key Points
- The Brink's Co (BCO) achieved a total organic growth of 13% in the third quarter, with ATM Managed Services and Digital Retail Solutions growing 26% organically.
- The company reported $135 million in free cash flow, driven by better asset efficiency and working capital improvements.
- The Brink's Co (BCO) increased its organic growth expectations for the remainder of the year to more than 20% for AMS and DRS revenues.
- The company executed $125 million in share repurchases year-to-date, reducing its share count by 5% year over year.
- The Brink's Co (BCO) announced a significant partnership with Sainsbury's in the UK, increasing its ATM network by about 15% in the region.
- The company faced an 11% FX headwind due to the strength of the US dollar, particularly impacting high-margin Latin American businesses.
- Adjusted EBITDA was impacted by a $10 million increase in security losses during the quarter.
- The Brink's Co (BCO) experienced a delay in productivity in North America due to issues with deploying a new routing system.
- Free cash flow guidance was reduced by $100 million due to currency devaluation, particularly from the Mexican peso.
- The global services business faced market softness, with high gold and silver prices reducing demand for movement and storage of precious metals.
Good morning. Welcome to the Brink's company's third quarter, 2024 earnings call this morning. Brinks issued a press release detailing its third quarter, 2024 results. The company also filed an eight K that includes the release and the slides that will be used in today's call. The release and slides are available in the investor relations section of the company's website at investors dot Brinks dotcom.
At this time, all participants are in listen-only mode. A question and answer session will follow the presentation as a reminder. This conference is being recorded and will be available for replay this call in the Q&A session will contain forward-looking statements. Actual results could differ materially from projected or estimated results. Information regarding factors that could cause such differences are available in the footnotes of today's press release and in the company's most recent sec filings, information presented and discussed on this call is representative of today only. Brinks assumes no obligation to update any forward-looking statements. The call is copyrighted and may not be
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