BAX continues profit recovery

BAX continues profit recovery    BAX Global, the freight forwarding arm of The Brink’s Co. conglomerate, made an operating profit of $14.6 million in the third quarter, continuing a recovery from the poor results it experienced    in 2003.
   In the third quarter of 2003, BAX Global incurred an operating loss of $5.3 million.
   Brink’s said the latest operating profit reflects “much improved results from North American operations, continued solid results from logistics and freight forwarding activities in Asia-Pacific and a modest improvement in operating profit in Europe.”
   “BAX Global once again posted strong profit gains, particularly in the Americas where we continued to see increased shipping volumes mainly related to the improving U.S. economy,” said Michael T. Dan, chairman, president and chief executive officer of Brink’s.
   However, in the third quarter, BAX Global wrote off $4.7 million in information technology investments found to be uneconomic.
   Worldwide revenue at BAX Global increased 25 percent to $614.7 million in the third quarter. In the Americas region, revenue increased 25 percent due to higher export activity, growth in BAX Global’s freight forwarder service and a continued improvement in U.S. shipping volumes, including an increase in higher priced expedited freight as a result of an improving economy. International revenue at BAX Global increased 24 percent, reflecting robust Asia-Pacific activity, and the effects of the weaker U.S. dollar relative to European and some Asia-Pacific currencies.
   For the first nine months of the year, BAX Global made an operating income of $30.1 million, as compared to a loss of $13.3 million a year earlier. Revenue from BAX Global for the latest nine-month period rose 18 percent to $3.4 billion, from $2.9 billion.