Agree totally and suspect all the gains will be washed out by end of this week, if not sooner. Can't change the fact that the business and perhaps the industry in very deep trouble. Too many providers destroying each others potential. There has to be a consolidation of the industry. I'm in simply because I believe this is a takeover candidate. Correction, will be takenover. There is huge opportunity for both PE or an International Provider to move Brink's into the future. Pockets of brilliance exist, but these guys are distinctly set on maintainting a presence in the US. They need to vacate. But they will not. Company HQd in Richmond. They will hang onto the US until it breaks them. PE could break up the whole. Sell off the parts to high bidders - country by country or region by region. Whatever is left can be restructured and returned to market to sink or swim, if anything left. International Provider could do the same, sell off or shutter those activities that the BOD and current Execs for thier own reasons cannot and will not do. Not impressed with the current acquisition strategy. A lot of nickles and dimes. Small acquisitions bring all the same headaches as large ones. Problem is they don't bring all the same revenue and profit.
BCO reports 5.2% EPS for 1Q13 (.30 or so for special items) not terrible, but there are always special items, that is the business they are in. On surface looks pretty good. But looked over prior years and tried to calculate out what it will take to get to 6 - 6.5% EPS. 1Q12 was 8.0% according to CFO's slide (when look at 8k from last year said 7.2 but whose counting - rounding up is always best). 2Q12 and 2Q11 averaged around 5.1% and historically is their worst quarter. Working off what we know, BCO will need to average 7% for next 3 Qs to pull off 6.5%. BCO will need to average 6.3% to get to 6%. Very doable one would think. Historically those have been reachable numbers. However, historically they had a CEO who knew the business and was proven that he could deliver. Historically there was regional leadership in place that understood the business and in most cases understood the business and were able to deliver. They were tried and true, like them or not. How does BCO deliver above average historical results with so many Executive and Regional (Country) management changes? There are certainly many more corporate VPs, SVPs and EVPs. New NA President, New LA president (hard to understand as the only region ever to make consistent progress) changes in Sales, new IT direction (which by the way cost a lot of money - suspect Ms Watson (CIO) will be presenting her Master Plan to BOD very soon, and it will come with a hefty price tag). The poor guy in EMEA has to be concerned. No COO. It is going to take much longer than 3Qs to turn. It is going to take significant time. Something that BCO and shareholders have very little of. In the past BCO has taken far too much punishment for over promising with their guidance and then underachieving. It appears that 1Q13 is the complete opposite; the bar was set so low and expectations tempered, that the results, as abyssmal as they are, were rewarded because they exceeded the far lowered expectations.
Shareholders own the company. Thank goodness Mario has flexed some might. Maybe he has a suitor or at least can find one. Should be interesting next few weeks. Surprised he doesn't put one of his people on the BOD and eliminate some of the roadblocks that currently exist. I'd be happy with a 25% pop in friday's close.
all down hill..
entire HR department in the field...quit
more following daily...
now a major shareholder HOPES someone wants to buy?
Lot of um's, but's and "joe, you want to add anything". A couple of moments where I thought, they can't provide clarity to the question, because they don't know the answer. All over the place and issues galore. If you like watching a train wreck, buy a ticket.
Europe up or down LA up or down...say both
saving money but things worse?
Time for real management...again
press release...no hope in 2013?
Should be an interesting day. Pre Bids 25% down. When will shamrock surface again? Call should be entertaining if they join. Doubtful though. End of day likely near same value.
Would seem to be much of the same. Lack of leadership, lack of any appreciable margin improvement, and inability to formulate a cohesive plan. Like him or not Mike Dan was glue that kept it together. Interested in how Mr. Gold handles his activism. every other time this has occurred BCO had something to give to investors to keep from complete sale. Not much left if anything to get rid of now except itself. But no one cares. you asked your question nearly a month ago and no one responded. And for Mike Dan, understand he is enjoying life and living well, as he should.
Dan left the company on pretty short notice the end of last year. He says he retired, I think the board forced him out. His replacement was on the board at the time.
Larry Rodo has also left, again being fired or forced out. I am told that his temp replacement said something to the effect that Larry was doing it the right way, so nothing would change for now. No way he is going to be the new North American president.
Brinks also made a change in March, going from one route supervisor per 10 routes to one per 20 I believe. A branch doesn't get two until they have at least 30 routes. This means little supervision on the routes and employees, no street inspections are being done, no supervisor rides, little to make sure the rules are being followed.
I predict a significant increase in losses and in crashes over the next 18 months, and subsequently, a stock price under $20.
Sentiment: Strong Sell