Shares of Brink's Co. (NYS:BCO) dropped 2.5% toward a 10-month low in morning trading Thursday, putting them on track for a six-straight loss, after the secure cash logistics and management company cut its 2021 revenue outlook, citing the continued negative effects of the COVID-19 pandemic overseas and labor shortages and inflationary pressures in the U.S. The company now expects 2021 revenue of $4.10 billion to $4.20 billion, down from the guidance range provided in July of $4.20 billion to $4.60 billion, and below the current FactSet consensus of $4.34 billion. The company expects third-quarter revenue of $1.03 billion to $1.07 billion, below the FactSet consensus of $1.12 billion, and sees fourth-quarter revenue of $1.04 billion to $1.10 billion, compared with expectations of $1.19 billion. The company said it has increased selling prices in the U.S., which it expects when fully implemented to offset wage increases. The stock has slumped 16.2% oer the past three months, while the S&P 500 (S&P:SPX) has gained 4.3%.
Sept. 23, 2021, 9:39 a.m. EDT