BAX Global swings to profit

BAX Global swings to profit

Revenue at BAX Global increased to $554.5 million in the first quarter, 20 percent higher than in the same period last year.

Brink's, parent of BAX, said international revenue increased 27 percent, reflecting the effects of the weaker U.S. dollar in Europe and some Asian countries, and stronger Asia-Pacific activity. In the Americas region, revenue increased 12 percent in comparison to last year's first quarter due to higher U.S. shipping volume reflecting an improving economy and growth in supply chain management activities.

Operating profit at BAX improved to $3.1 million for the first quarter of 2004 from a loss of $5.5 million in the same period in 2003. The current quarter's performance marks the first time since 1999 that BAX Global has reported a profit in the seasonally weak first quarter and reflects improved results from North American operations, continued strong results from logistics activities in Asia-Pacific and flat operating profit in Europe.