Brinks (BCO) Q2 FY2024 earnings: revenue $1.3 billion, up 3.0% on the year

Brinks Co. (BCO) reported revenue of $1.3 billion for Q2 FY2024, the quarter ended 30 June 2024, up 3.0% on the same quarter a year earlier. Net income was $46 million, up 43.9% on the year, and diluted earnings per share $1.02. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2024.

Revenue$1.3 billionup 3.0%

Net income$46 millionup 43.9%

Diluted EPS$1.02

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	1,253	1,236	n/a	n/a
Cost of revenue	938	927	n/a	n/a
Gross profit	315	309	n/a	n/a
Gross margin	25.2%	25.0%	n/a
Operating income	116	121	n/a	n/a
Operating margin	9.3%	9.8%	n/a
Interest expense	56.5	55.8	n/a	n/a
Pre-tax income	72.0	78.4	n/a	n/a
Income tax	22.1	26.2	n/a	n/a
Effective tax rate	30.7%	33.4%	n/a
Net income	46.2	49.3	n/a	n/a
Net margin	3.7%	4.0%	n/a
Diluted EPS	$1.02	$1.09	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Capital expenditure	56.7	52.2	n/a	n/a
Cash from investing	-70.6	-45.8	n/a	n/a
Cash from financing	100	-1.3	n/a	n/a
Depreciation and amortisation	73.1	72.4	n/a	n/a
Share-based compensation	8.0	9.3	n/a	n/a
Buybacks	42.7	23.0	n/a	n/a
Dividends paid	10.8	9.8	n/a	n/a
Dividend per share	$0.24	$0.22	n/a	n/a
Diluted shares, weighted	45m	45m	n/a	n/a
Shares outstanding at period end	44m	45m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	320	396	n/a	n/a
Non-controlling interest	126	124	n/a	n/a
Short-term borrowings	139	155	n/a	n/a
Debt	3,475	3,309	n/a	n/a
Operating lease liabilities	260	263	n/a	n/a
Other liabilities	2,241	2,432	n/a	n/a
Total liabilities and equity	6,562	6,679	n/a	n/a
Fixed assets	975	1,003	n/a	n/a
Goodwill	1,454	1,458	n/a	n/a
Cash and equivalents	1,189	1,123	n/a	n/a
Receivables	843	857	n/a	n/a
Other assets	2,100	2,239	n/a	n/a
Total assets	6,562	6,679	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,227	1,246	1,236	1,253	1,258	1,264	1,247	1,300	1,335	1,379	1,375	1,392
Cost of revenue	921	922	927	938	944	934	940	977	990	997	1,019	1,026
Gross profit	306	324	309	315	315	330	307	324	345	382	356	366
Gross margin	25%	26%	25%	25%	25%	26%	25%	25%	26%	28%	26%	26%
Operating income	138	102	121	116	112	104	119	134	152	180	110	133
Operating margin	11%	8%	10%	9%	9%	8%	10%	10%	11%	13%	8%	10%
Interest expense	53.8	52.3	55.8	56.5	63.0	60.1	57.5	60.9	63.4	63.7	63.5	62.9
Pre-tax income	86.8	52.5	78.4	72.0	59.1	56.8	69.5	74.8	90.5	119	45.8	67.9
Tax rate	43%	111%	33%	31%	46%	30%	22%	36%	59%	40%	24%	30%
Net income	45.6	-5.0	49.3	46.2	28.9	38.5	51.6	43.7	36.3	68.1	32.1	44.4
Net margin	4%	-0%	4%	4%	2%	3%	4%	3%	3%	5%	2%	3%
Diluted EPS	$0.97	-$0.10	$1.09	$1.02	$0.65	$0.87	$1.18	$1.03	$0.86	$1.62	$0.77	$1.07
Operating cash flow	n/a	n/a	n/a	n/a	58.4	n/a	-60.2	204	122	n/a	28.7	36.5
Capital expenditure	43.7	69.6	52.2	56.7	51.0	62.6	58.9	51.8	44.7	47.7	40.1	34.8
Free cash flow	n/a	n/a	n/a	n/a	7.4	n/a	-119	152	77.4	n/a	-11.4	1.7
Buybacks	88.2	64.2	23.0	42.7	59.6	78.3	44.8	85.2	23.6	55.8	30.2	0.0
Dividends paid	10.2	9.9	9.8	10.8	10.7	10.5	10.4	10.7	10.6	10.6	10.5	10.5
Shares outstanding	45m	44m	45m	44m	44m	43m	43m	42m	42m	41m	41m	41m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 7 August 2024, accession 0000078890-24-000270: the filing on EDGAR. All of Brinks Co.'s filings: EDGAR company page.

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