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What: Shares of The Brink's Company (NYSE:BCO) jumped as much as much as 11% today after reporting earnings, though they gave up most of those gains in late trading.
So what: Third-quarter revenue rose 6% to $1.0 billion, and net income from continuing operations jumped 46% to $31 million, or $0.63 per share. On a non-GAAP basis, which is what analysts use for comparison, earnings were $0.69 per share, well ahead of the $0.49 per share analysts expected.
Now what: Management said that international operations drove the strong profit growth, especially growth in Venezuela. The U.S. market was actually a drag on results, contributing no revenue growth and seeing operating profit decline 92% in the quarter. This is the third straight quarter Brink's has beaten expectations, and, with shares trading at just 13 times next year's estimates, I think there's upside in the stock.
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