(RTTNews) - Thursday, security-related services provider Brinks Co. (BCO: News ) reported a lower profit for the third quarter as revenues declined due to softer demand resulting from weaker economy.

Richmond, Virginia-based Brinks reported third-quarter net income of $34.4 million or $0.72 per share, compared with net income of $48 million or $1.03 per share in the same quarter last year. Earnings from continuing operations for the quarter was $33 million or $0.70 per share, compared to $30 million or $0.64 per share in the year ago quarter.

Excluding the $14 million or $0.29 per share contribution to net income from an acquisition and other special items, the company earned $20 million or $0.41 per share for the period.

On average, six analysts polled by Thomson Reuters expected the company to earn 49 cents per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue for the quarter was $802 million, down from $813 million in the comparable period, one-year ago. Analysts expected the company to report revenues of $780.23 million for the quarter.

While revenue from International operations rose to $579.2 million from $575.8 million, led by 17% in Latin America and 10% in Asia-Pacific operations , the company's North American segments yielded lower revenues at $222.6 million compared with $237.6 million a year-ago.

"Operating results continue to reflect the decline in the global economy, as profits from cash-in-transit operations trail year-ago levels in most of our markets. In addition, profits in Global Services remain substantially below 2008 levels due to the severe contraction in the diamond and jewelry market that began in last year's fourth quarter", said the company.
Operating profit was, however, higher for the three-month period at $60.9 million compared with $49.8 million, led by the acquisition of India-based Brink's Arya, which yielded $14.2 million in the quarter.

For the nine-month period, net income was $77.7 million or $1.65 per share versus $146.8 million or $3.14 per share last year. Income from continuing operations declined to $90.5 million or $1.52 per share compared with $123 million or $2.00 per share. Revenues in the year-to-date period declined to $2.29 billion from $2.40 billion last year.

Looking ahead for the full year, the company expects organic revenue growth to remain in the low single-digit percentage range. The full-year segment operating margin, excluding the acquisition gain, is expected to be at the low end of the range between 7.0% and 7.5%.

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