Brink's 1st-quarter net profit rises 75 percent

NEW YORK (Reuters) - Security company Brink's Co (BCO.N: Quote, Profile, Research) posted higher-than-expected first-quarter earnings on Wednesday, helped by the weak dollar and growth in its Latin American and European divisions, and its shares rose as much as 4 percent to an all-time high.

The company, which operates armored cars and plans to spin off its residential alarm company by year-end, said net income rose 75 percent to $50.1 million or $1.07 per share, from $28.7 million, or 61 cents per share, a year earlier.

Excluding income from discontinued operations, earnings increased to $1.02 per share from 66 cents, in line with the analysts' average forecast compiled by Reuters Estimates.

Sales rose 24 percent to $920.6 million, higher than the $838 million analysts had expected. On a constant currency basis, revenue was up 16 percent.

Overseas sales benefit from the weak dollar, which drives up their value when they are translated into the U.S. currency.

The Richmond, Virginia-based company said its Brink's Inc secure transportation and cash management unit planned to deliver revenue growth in the high-single-digit percentage range.

Revenue at the unit rose 27 percent in the first quarter, helped by growth in its Latin American operations.

SPIN-OFF

In February, the company said it planned to spin off its Brink's Home Security unit into a separate publicly traded company in the fourth quarter.