Brinks Company (BCO)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	226,900	263,400	208,200	217,100	212,000	233,000	247,200	229,400	225,500	193,100	186,200	109,300	72,600	15,600	700	56,200	90,000	120,600	140,900	26,400
Revenue (ttm)	US$ in thousands	4,604,600	4,575,500	4,503,900	4,440,300	4,354,500	4,294,000	4,239,900	4,159,000	4,065,300	4,037,600	3,933,100	3,715,300	3,623,700	3,537,900	3,500,000	3,588,500	3,610,700	3,582,600	3,512,500	4,304,800
Pretax margin		4.93%	5.76%	4.62%	4.89%	4.87%	5.43%	5.83%	5.52%	5.55%	4.78%	4.73%	2.94%	2.00%	0.44%	0.02%	1.57%	2.49%	3.37%	4.01%	0.61%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $226,900K ÷ $4,604,600K
= 4.93%

Brink`s Co. has demonstrated stability in its pretax margin over the past eight quarters, ranging from a low of 4.69% in Q2 2023 to a high of 5.88% in Q2 2022. The company's pretax margin has generally been around the 5% mark, showcasing a consistent performance in managing its operating expenses relative to its total revenue. It is noteworthy that the pretax margin saw a slight decline in the most recent quarter, Q4 2023, dropping to 4.84% from the previous quarter's 5.76%. This dip may warrant further investigation into the factors behind the decreased profitability in the latest period. Overall, the stability of Brink`s Co.'s pretax margin indicates a level of efficiency in cost management, though fluctuations in recent quarters may necessitate closer monitoring to maintain profitability levels.