On February 18, an armed gang attacked a Swiss-bound plane at Zaventum Airport in Brussels, Belgium, and stole an unconfirmed amount of diamonds, a portion of which was being shipped by Brink's. The total loss exposure for Brink's was approximately $19M, or 24c per share after taxes. Brink's reimbursed customers for all confirmed losses within 48 hours of the robbery. On February 20, management said the robbery was not expected to have a material impact on the full-year profit outlook it provided on February 1. Today, Brink's reaffirmed its full-year outlook, which calls for a segment profit margin between 6% and 6.5% on organic revenue growth of 5% to 8%. Brink's is working with the authorities in connection with this incident and does not expect to provide additional details on the robbery.
- Singapore International News