Q1 2024 Brinks Co Earnings Call Transcript
Key Points
- The Brink's Co (BCO) reported a strong start to 2024 with a 12% organic growth for the total company.
- Adjusted EBITDA grew 15% to $218 million, with margins expanding 160 basis points to 17.7%, marking the highest first quarter margins in over a decade.
- Profit growth and share count reduction led to a 20% increase in EPS to $1.52 per share.
- Trailing 12-month free cash flow improved by 61% to $363 million, with a conversion from adjusted EBITDA of 41%.
- The company announced a 10% increase in its dividend, marking the second consecutive year of a double-digit increase.
- Revenue growth was partially offset by an 8% impact from foreign exchange, primarily due to the devaluation of the Argentine peso.
- The company continues to face geopolitical and economic headwinds in Latin America, including currency devaluation impacting the economy of Argentina.
- The company's cost structure adjustments in early Q1 impacted EBITDA margins negatively.
- Interest expense increased by $9 million year-over-year due to higher interest rates and slightly higher debt.
- The company's guidance for the full year reflects concerns about FX in Argentina, expected to weigh on total growth and margins early in the year.
Hello, and welcome to The Brinks Company first quarter 2024 earnings call. This morning, Brinks issued a press release detailing its first quarter 2024 results. The company also filed an 8-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.brinks.com.
(Operator Instructions)
As a reminder, this conference is being recorded and will be available for replay. This call and 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 used without written permission from Brinks. I will now turn it over to your host, Jesse
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