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Jun 30, 2021
Brinks Q2 2021 Earnings Report
Reported strong growth in revenue, operating profit, adjusted EBITDA and net income.
Key Takeaways
Brink's reported a strong recovery in the second quarter of 2021, with total revenue up 27% and organic growth of 15%. The company's operating profit increased to $73 million, and adjusted EBITDA rose by 39% to $166 million. EPS also saw significant growth, with GAAP EPS up 74% to $0.47 and non-GAAP EPS up 62% to $1.18.
Total revenue increased by 27%, driven by 15% organic growth and acquisitions.
GAAP operating profit was $73 million, compared to a loss in the previous year, while non-GAAP operating profit increased by 51% to $111 million.
GAAP net income was $24 million, an 85% increase, and adjusted EBITDA rose by 39% to $166 million.
GAAP EPS increased by 74% to $0.47, and non-GAAP EPS increased by 62% to $1.18.
Revenue by Geographic Location
Forward Guidance
The company expects full-year 2021 revenue growth in the mid-to-high teens and earnings to be around the mid-point of the guidance range, reflecting higher margins. Preliminary targets for 2022 include adjusted EBITDA growth in the mid-teens to a range between $785 million and $825 million, and free cash flow growth to a range between $350 million and $400 million.
Positive Outlook
- Continued revenue recovery in the second half of 2021.
- Full-year revenue for 2022 is expected to exceed comparable 2019 pre-Covid revenue levels.
- Adjusted EBITDA growth in the mid-teens is expected for 2022.
- Free cash flow growth to a range between $350 million and $400 million is expected for 2022.
- Margin expansion is expected to continue into 2022 with new digital solutions.
Challenges Ahead
- Unexpected extension of pandemic-related shutdowns, most notably in Europe and Latin America.
- Uncertainty regarding the future impact of the pandemic.
- Full-year 2021 revenue growth expected in the mid-to-high teens, which is in the lower half of the guidance range.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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