UPDATE: Imperial Capital Re-Initiates The Brink's Company with Outperform Following 1Q13 Earnings Report

In a report published Thursday, Imperial Capital analyst Jeff Kessler re-initiated coverage on The Brink's Company BCO with an Outperform rating and $31.00 price target. In the report, Kessler noted, “This 1Q13 result beat consensus estimates which had been revised sharply downward to $0.25-$0.30 or lower, following the well-publicized diamond robbery at the Brussels airport in February 2013. While the 1Q13 results include a $0.24 charge related to that robbery, the company's operations were strong enough to beat consensus estimates for revenues by $100mn and allow management to maintain segment operation margin guidance of 6.0-6.5% for the full year 2013. The operating segment margin rate was 5.2%. Excluding the theft loss, the segment operating margin rate was 7.2%. Organic revenue growth for the quarter was 6%, led by Latin America and Asia." The Brink's Company closed on Wednesday at $25.11.