Brinks Co · Q1 2022 earnings

Briefing

Reported record first-quarter results with revenue, operating profit, net income, adjusted EBITDA, and EPS reaching record levels. Full-year guidance was affirmed.

Brink's reported a strong first quarter with a 10% increase in revenue, 24% growth in operating profit, a 21% rise in adjusted EBITDA, and a 46% increase in EPS. The company's performance demonstrates the resilience of its business and supports confidence in achieving full-year guidance and 2024 financial targets.

• Revenue increased by 10%, with organic growth contributing 9%.
• GAAP operating profit rose by 1% to $62 million, while non-GAAP operating profit increased by 24% to $112 million.
• GAAP net income reached $71 million compared to $13 million in the previous year, and adjusted EBITDA grew by 21% to $165 million.
• GAAP EPS was $1.48, up from $0.25, and non-GAAP EPS increased by 46% to $1.15.

Headline financials

Revenue & EPS history

Brink's anticipates full-year revenue to return to at least pre-Covid levels, with continued margin expansion and operating leverage driven by internal efficiency initiatives and fixed cost reductions. The company expects demand for Brink’s Complete and ATM managed services to increase as the pandemic subsides and more economies reopen. Pricing is expected to continue offsetting inflationary pressures, and global supply chain disruptions are not expected to materially affect operations. The 2022 guidance remains unchanged, with revenue expected to exceed 2019 reported results by close to $1 billion and cumulative margin improvement of approximately 150 basis points from pre-pandemic levels.