Latest news with #Brink's
Los Angeles Times
17-06-2025
- Los Angeles Times
Mystery solved: Thieves in big Brink's heist indicted. But where are all the jewels?
It was a jewelry heist days in the making — one allegedly planned by thieves who had worked their way up to a major score after honing their covert craft in the parking lots and truck stops of San Bernardino County. When they broke into a Brink's big rig at a remote Grapevine truck stop in the dead of night three years ago, the men may have gotten more than they bargained for: a haul that could be worth up to $100 million. That would make the theft of 24 bags containing jewelry, gems, watches and other precious items on July 11, 2022, among the biggest heists of all time. All of this according to an indictment unsealed Tuesday by federal prosecutors in Los Angeles against seven co-conspirators who allegedly carried out the theft at the Flying J Travel Center in Lebec, Calif. The men were each charged with two counts of conspiracy to commit theft from interstate and foreign shipment and theft from interstate and foreign shipment. Some face additional charges. In all, 14 jewelers whose merchandise Brink's was transporting to Pasadena were victimized that day. Several suffered grave financial losses, and some left the trade altogether. The merchants, many of whom are based in L.A., have been locked in a years-long legal battle with Brink's over the value of their pilfered goods. Some of the stolen jewelry was recovered after search warrants were executed Tuesday. Two of the defendants arrested are expected to appear in federal court on Tuesday. Another is an inmate at an Arizona prison, according to a press release from the U.S. attorney's office in Los Angeles, which described the crime as 'the largest jewelry heist in U.S. history.' Ranging in age from 31 to 60, the men are all L.A.-area residents, hailing from neighborhoods including Boyle Heights, Westlake and Rampart Village. The co-conspirators, some of whom use aliases, are Carlos Victor Mestanza Cercado, Jazael Padilla Resto, Pablo Raul Lugo Larroig, Victor Hugo Valencia Solorzano, Jorge Enrique Alban, Jeson Nelon Presilla Flores and Eduardo Macias Ibarra. Some of the defendants have also been charged with smaller heists throughout San Bernardino County. If convicted, Mestanza, Padilla, Lugo, Valencia, and Alban would face up to 20 years in federal prison for each robbery charge. All the defendants would face up to five years for the theft conspiracy charge and 10 years for each theft charge. Their planning of the Brinks heist allegedly began at the International Gem and Jewelry Show in San Mateo, where, starting on July 8, 2022, jewelers displayed their baubles in booths under the glare of fluorescent light. Prosecutors allege that Padilla spent days casing out the show. On July 10, Mestanza, Lugo and Alban allegedly scouted the Brink's semitruck, which was loaded with 73 bags containing the jewelers' wares, according to the indictment. When the big-rig departed the San Mateo County Event Center that night, it touched off a complex choreography that culminated at an Interstate 5 truck stop about 70 miles north of Los Angeles. This account is drawn from the indictment and previous reporting by The Times, which has extensively covered the crime, widely known as the Brink's heist. The semitruck's departure from the event center around 8:25 p.m. triggered a series of phone calls among some of the defendants, the indictment said. Through the night, several of them allegedly followed the southbound Brink's truck, which was piloted by one driver while another dozed in the vehicle's sleeping compartment. It traveled on the I-5 for about 300 miles, pausing at a rest area in Buttonwillow before pulling into the Lebec truck stop at 2:05 a.m. on July 11. When driver Tandy Motley left the semitruck to get a meal inside the Flying J, the thieves made their move. They'd have 27 minutes to pull off the heist. It was a little after 2 a.m. when the thieves allegedly breached the big rig's trailer, bypassing its defenses without alerting the sleeping guard. Then, they stole 24 bags of jewelry. Afterward, according to the indictment, the men headed for East Hollywood. The defendants may not have grasped how large their score was. In the days after the heist, several of the co-conspirators deactivated their mobile phone numbers, according to the indictment. The court filing does not say how the defendants gained access to the trailer; it also does not note the presence of any weapons, such as guns or knives. But previous reporting by The Times detailed the aftermath of the episode. At 2:32 a.m., Motley, the Brink's driver who was dining at the Flying J, returned to his vehicle and noticed its rear lock had been cut away. A little before 4 a.m., two L.A. County sheriff's deputies responded to a 'vehicle burglary call for service' at the truck stop, whose parking lot was filled with 18-wheelers. 'I'm pretty sure we were followed from the show where we got loaded,' Motley told the deputies, according to their body-camera footage, which The Times obtained in 2023. Within days of the theft, the scale of the crime came into view. It quickly drew comparisons to infamous heists from across the decades, among them 1983's Brink's-Mat gold bullion job near Heathrow Airport, 2003's Antwerp diamond theft, and 2015's Hatton Garden burglary, in which thieves tunneled into a vault in London's jewelry district. 'There are days that you forget about this whole thing because we moved on — kind of, sort of,' Jean Malki, one of the victims, told The Times a few weeks before the indictment was unsealed. 'But there are other days wishing you could do this and that, but there's nothing you can do, because you lost everything.' The heist has captivated L.A.'s jewelry industry, whose epicenter is St. Vincent Court, a bricked alley in downtown where jewelers congregate to trade gossip between sips of espresso. Malki said that, whenever he visits, he is besieged by colleagues with questions. 'Every single time, I get somebody asking me, 'So, Jean, whatever happened with your jewelry?'' said Malki. 'And the answer always was, 'We don't know anything.'' The affected jewelers occupy a humble corner of the field, selling at trade shows across the country. It's a lifestyle that breeds camaraderie among the merchants, whose businesses are also, in many cases, enmeshed. They often obtain merchandise from each other without paying for it up front, which allows the jewelers to take on expensive items without shelling out for them until they have sold. That complicated things for some of the victims, because they didn't actually own certain items they lost in the heist. One of the jewelers, Kenny Lee, previously told The Times that the cost of his stolen goods was at least $12 million. Attorney Jerry Kroll, who represents the victimized jewelry companies, called the situation 'a tragedy on multiple levels.' 'Some of my clients left the jewelry trade. Others are trying to find a way to hang in,' said Kroll, who spoke with The Times in May. Many of his clients are elderly. 'None of them are doing well. …For my clients, waiting is challenging.' Malki, co-owner of Forty-Seventh & Fifth Inc., previously said his company lost as much as 650 pieces of jewelry and other items in the heist. He continues to sell at shows and said business is slow. But Malki said he is buoyed by 'loyal customers — thank God for that.' The fallout from the heist has been ugly. Within weeks of the crime, Richmond, Va.-based Brink's sued the affected merchants, who then filed their own complaint against the company. Central to the legal wrangling is a dispute over the dollar value of the thieves' haul. The Brink's lawsuit, filed in New York in August 2022, has sought to limit any payout to the jewelers to $8.7 million — a figure that, according to the company, reflects the value declared by the merchants on shipping manifests. But, two weeks later, the jewelers sued Brink's and other parties in L.A. Superior Court, alleging the stolen items could be worth more than 10 times that amount. The case filed by Brink's in federal court in New York is further along. The company has asked the court to declare that its responsibilities to the jewelers are governed by their contracts. The lawsuit includes language from a Brink's contract that indicates the company will pay clients for items lost during shipping — in this case up to their total declared value of $8.7 million. The company alleged in the suit that the figure was drawn from manifests signed by its jeweler customers ahead of the tractor-trailer's departure from San Mateo. The jewelers 'substantially under-declared the value of their shipments' when they consented to having their wares transported by the company to the L.A. area for a trade show in Pasadena, according to the suit. (Some jewelers have said it is common practice to assign lower values than fair-market costs to reduce shipping fees.) 'Brink's believes that each Defendant seeks to recover more from Brink's than is permitted under the Contract,' said the company in its complaint, which also asked the court to consider finding that it is not liable for the losses of defendants who did not accurately describe the value of their items. The jewelers' L.A. lawsuit, meanwhile, alleged breach of contract and negligence, among other claims. It alleged that agreements signed by the jewelers contained contract text rendered in 'microscopic print' that was too small to read and thus 'cannot be binding.' It also alleged that the 18-wheeler drivers' conduct was 'grossly negligent,' and it claimed that 'lax security' by Brink's allowed 'jewelry and gemstones to be stolen right out from under the noses' of the workers. In the months leading up to the Brink's heist, several of the co-conspirators allegedly pulled off a series of thefts in San Bernardino County, the indictment said. In some cases, the crimes relied on tactics similar to those later used at the Flying J truck stop. Yet the Southern California scores were a modest prelude to the job in Lebec. The men would allegedly travel to truck stops and other locations, including some far away, 'to identify and rob, steal, unlawfully take, and unlawfully carry away' a variety of merchandise. According to the indictment, the defendants used multiple vehicles to follow trucks carrying shipments of electronics and other items until they reached stopping points. Then, the indictment said, the alleged thieves would rob or burgle the vehicles. Some of the defendants would allegedly act as lookouts around businesses that truck drivers were patronizing, and others would break into the 'seemingly unattended' vehicles and pilfer their contents — 'including by force and threat of force in the victims' presence.' The men charged in the indictment would then return to L.A. County with the merchandise to divide up and fence for profit. On March 2, 2022 — a little more than four months before the Brink's episode — prosecutors alleged that Mestanza, Lugo, Valencia and others used multiple vehicles, including Padilla's, to follow a truck carrying Samsung electronics from Ontario. When the vehicle stopped at a store in Ontario, Mestanza, Lugo and Valencia and others allegedly distracted the driver inside the shop while some in the group stole the electronics, which were later valued at about $241,000. Less than two weeks later, Lugo, Mestanza, Padilla, Valencia, Alban and others allegedly used similar tactics to follow and rob a box truck carrying Apple AirTags. When the driver stopped for food in Fontana, some of the men are alleged to have stolen merchandise later valued at roughly $57,000. When the driver caught the thieves, according to the indictment, one who wielded a small knife allegedly yelled, 'Don't move, or I will fuck f— you up!' Sometimes, the alleged thieves weren't successful. On May 25, 2022, Mestanza, Padilla, Lugo, Valencia, Alban and others allegedly drove to a truck stop in Fontana to steal from a vehicle there. The men used a crowbar to break in, the indictment said, but fled before making off with anything. Still, that same day, Mestanza, Padilla, Lugo, Valencia, Alban and others found another target in Fontana, allegedly stealing Samsung electronics valued at a little more than $14,000. They took the merchandise from a parked semitruck — the same sort of vehicle they allegedly broke into in Lebec six weeks later.
Web Release
09-06-2025
- Business
- Web Release
Meedaf and Brink's Form Strategic Alliance to Revolutionize Cash and ATM Operations in the UAE
Meedaf, an ADGM-licensed entity launched in April 2025 to serve financial institutions across the GCC, proudly announces a strategic joint venture with Brink's a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. This collaboration is set to revolutionize the cash management and ATM managed services industry in the UAE, ushering in a new era of efficiency, security, and innovation. As the first strategic partnership on the Meedaf platform, the new venture will empower financial institutions by harnessing Brink's global technology, infrastructure, and operational expertise to establish elevated standards in cash management and ATM managed services throughout the UAE. This collaboration will deliver fully integrated solutions encompassing cash-in-transit, money processing, ATM managed services, and digital retail solutions, including deposit machines, cash recyclers, and kiosks. Through the integration of advanced technologies, it aims to enhance operational efficiency and reduce costs across the cash ecosystem. Brink's brings decades of global experience in managing complex, high-volume operations, coupled with proprietary systems that optimize route planning, crew deployment, and cash centre performance. These advanced capabilities are now seamlessly integrated into Meedaf's offerings, enabling financial institutions to reduce complexity, enhance consistency, and streamline their day-to-day operations. Meedaf's unparalleled regional experience will enable the joint venture to include cutting-edge technologies and advanced capabilities to ensure smarter, more secure operations and control across the entire cash ecosystem. Eng. Abdulla Abdul Aziz AlShamsi, Managing Director and CEO at Meedaf, commented: 'Our joint venture with Brink's underscores Meedaf's unwavering commitment to revolutionizing financial services through cutting-edge innovation and strategic alliances. By harnessing Brink's unparalleled global expertise in cash management, we are poised to deliver exceptional operational efficiency and security to financial institutions across our region. This collaboration represents a pivotal stride towards realizing our vision of a more agile and resilient financial ecosystem, setting new benchmarks for excellence and transforming the landscape of financial services in the UAE. Nader Antar, EVP and President, Brink's IMEA and APAC and Brink's Global Services, said: 'We are excited by the opportunity to collaborate with Meedaf to create a truly transformative service model. By providing a competitive value proposition, superior services and solutions that bridge physical and digital commerce, we will set a new standard in the UAE market for cash management, digital retail solutions and ATM management services.' Following its launch in the UAE, this strategic joint venture is set to transform the industry, driving operational transformation that combines innovative solutions with industry-leading standards across the region. It also marks a major step forward in Meedaf's expansion into key regional markets.
Zawya
09-06-2025
- Business
- Zawya
Meedaf and Brink's form strategic alliance to revolutionize cash and ATM operations in the UAE
Abu Dhabi, UAE – Meedaf, an ADGM-licensed entity launched in April 2025 to serve financial institutions across the GCC, proudly announces a strategic joint venture with Brink's a leading global provider of cash and valuables management, digital retail solutions, and ATM managed services. This collaboration is set to revolutionize the cash management and ATM managed services industry in the UAE, ushering in a new era of efficiency, security, and innovation. As the first strategic partnership on the Meedaf platform, the new venture will empower financial institutions by harnessing Brink's global technology, infrastructure, and operational expertise to establish elevated standards in cash management and ATM managed services throughout the UAE. This collaboration will deliver fully integrated solutions encompassing cash-in-transit, money processing, ATM managed services, and digital retail solutions, including deposit machines, cash recyclers, and kiosks. Through the integration of advanced technologies, it aims to enhance operational efficiency and reduce costs across the cash ecosystem. Brink's brings decades of global experience in managing complex, high-volume operations, coupled with proprietary systems that optimize route planning, crew deployment, and cash centre performance. These advanced capabilities are now seamlessly integrated into Meedaf's offerings, enabling financial institutions to reduce complexity, enhance consistency, and streamline their day-to-day operations. Meedaf's unparalleled regional experience will enable the joint venture to include cutting-edge technologies and advanced capabilities to ensure smarter, more secure operations and control across the entire cash ecosystem. Eng. Abdulla Abdul Aziz AlShamsi, Managing Director and CEO at Meedaf, commented: "Our joint venture with Brink's underscores Meedaf's unwavering commitment to revolutionizing financial services through cutting-edge innovation and strategic alliances. By harnessing Brink's unparalleled global expertise in cash management, we are poised to deliver exceptional operational efficiency and security to financial institutions across our region. This collaboration represents a pivotal stride towards realizing our vision of a more agile and resilient financial ecosystem, setting new benchmarks for excellence and transforming the landscape of financial services in the UAE. Nader Antar, EVP and President, Brink's IMEA and APAC and Brink's Global Services, said: 'We are excited by the opportunity to collaborate with Meedaf to create a truly transformative service model. By providing a competitive value proposition, superior services and solutions that bridge physical and digital commerce, we will set a new standard in the UAE market for cash management, digital retail solutions and ATM management services.' Following its launch in the UAE, this strategic joint venture is set to transform the industry, driving operational transformation that combines innovative solutions with industry-leading standards across the region. It also marks a major step forward in Meedaf's expansion into key regional markets. About Meedaf Based in Abu Dhabi Global Market (ADGM), Meedaf is a financial services platform with interests in a portfolio of companies that provide institutions across the GCC with advanced financial, automation, security and operational solutions. Our offerings allow clients across the financial ecosystem to reduce costs, improve efficiency and unlock greater value. Visit for more information.
Yahoo
13-05-2025
- Business
- Yahoo
Brink's (NYSE:BCO) Q1 Sales Beat Estimates, Provides Optimistic Revenue Guidance for Next Quarter
Cash management services provider Brink's (NYSE:BCO) announced better-than-expected revenue in Q1 CY2025, but sales were flat year on year at $1.25 billion. Guidance for next quarter's revenue was optimistic at $1.28 billion at the midpoint, 3% above analysts' estimates. Its non-GAAP profit of $1.62 per share was 38.1% above analysts' consensus estimates. Is now the time to buy Brink's? Find out in our full research report. Revenue: $1.25 billion vs analyst estimates of $1.21 billion (flat year on year, 2.8% beat) Adjusted EPS: $1.62 vs analyst estimates of $1.17 (38.1% beat) Adjusted EBITDA: $215 million vs analyst estimates of $198.8 million (17.2% margin, 8.1% beat) Revenue Guidance for Q2 CY2025 is $1.28 billion at the midpoint, above analyst estimates of $1.24 billion Adjusted EPS guidance for Q2 CY2025 is $1.45 at the midpoint, below analyst estimates of $1.62 EBITDA guidance for Q2 CY2025 is $215 million at the midpoint, below analyst estimates of $224.4 million Operating Margin: 9.5%, in line with the same quarter last year Free Cash Flow was -$119.1 million, down from $11.7 million in the same quarter last year Market Capitalization: $4.00 billion Mark Eubanks, president and CEO, said: 'We delivered strong performance in the first quarter with EBITDA and EPS exceeding the top end of our guidance range. Organic revenue growth of 6% included 20% growth in AMS and DRS. On a trailing-twelve month basis, these higher margin recurring revenue offerings now represent over 25% of revenue as we continue to penetrate large addressable markets and convert existing customers. Growth in our cash and valuables business was supported by a year-over-year acceleration in our global services business primarily due to increased movement of precious metals. Operating profit was up 40 basis-points reflecting productivity, especially in North America, and revenue mix benefits partially offset by year-over-year currency headwinds, primarily in the Latin America segment. We remain focused on executing against our capital allocation framework, accelerating share repurchases to over $110 million year to date." Known for its iconic armored trucks that have been a fixture in American cities since 1859, Brink's (NYSE:BCO) provides secure transportation and management of cash and valuables for banks, retailers, and other businesses worldwide. A company's long-term performance is an indicator of its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years. With $5.02 billion in revenue over the past 12 months, Brink's is one of the larger companies in the business services industry and benefits from a well-known brand that influences purchasing decisions. As you can see below, Brink's grew its sales at a decent 6.6% compounded annual growth rate over the last five years. This shows its offerings generated slightly more demand than the average business services company, a useful starting point for our analysis. We at StockStory place the most emphasis on long-term growth, but within business services, a half-decade historical view may miss recent innovations or disruptive industry trends. Brink's recent performance shows its demand has slowed as its annualized revenue growth of 4% over the last two years was below its five-year trend. This quarter, Brink's $1.25 billion of revenue was flat year on year but beat Wall Street's estimates by 2.8%. Company management is currently guiding for a 1.7% year-on-year increase in sales next quarter. Looking further ahead, sell-side analysts expect revenue to remain flat over the next 12 months, a deceleration versus the last two years. This projection is underwhelming and implies its products and services will face some demand challenges. Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we've identified a relatively under-the-radar profitable growth stock benefiting from the rise of AI, available to you FREE via this link. Brink's was profitable over the last five years but held back by its large cost base. Its average operating margin of 8.6% was weak for a business services business. On the plus side, Brink's operating margin rose by 5.1 percentage points over the last five years, as its sales growth gave it immense operating leverage. This quarter, Brink's generated an operating profit margin of 9.5%, in line with the same quarter last year. This indicates the company's overall cost structure has been relatively stable. Revenue trends explain a company's historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth – for example, a company could inflate its sales through excessive spending on advertising and promotions. Brink's EPS grew at a spectacular 14.6% compounded annual growth rate over the last five years, higher than its 6.6% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded. We can take a deeper look into Brink's earnings quality to better understand the drivers of its performance. As we mentioned earlier, Brink's operating margin was flat this quarter but expanded by 5.1 percentage points over the last five years. On top of that, its share count shrank by 16.8%. These are positive signs for shareholders because improving profitability and share buybacks turbocharge EPS growth relative to revenue growth. In Q1, Brink's reported EPS at $1.62, down from $1.65 in the same quarter last year. Despite falling year on year, this print easily cleared analysts' estimates. Over the next 12 months, Wall Street expects Brink's full-year EPS of $7.15 to grow 4.4%. We were impressed by how significantly Brink's blew past analysts' revenue, EPS, and EBITDA expectations this quarter. We were also glad its revenue guidance for next quarter trumped Wall Street's estimates. On the other hand, its quarterly EPS and EBITDA guidance missed. Overall, we think this was a decent quarter with some key metrics above expectations. Investors were likely hoping for more, and shares traded down 1.4% to $93 immediately after reporting. Big picture, is Brink's a buy here and now? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here, it's free. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Automotive
- Yahoo
Brink's (BCO) Q1 Earnings and Revenues Top Estimates
Brink's (BCO) came out with quarterly earnings of $1.62 per share, beating the Zacks Consensus Estimate of $1.19 per share. This compares to earnings of $1.52 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 36.13%. A quarter ago, it was expected that this armored car company would post earnings of $1.79 per share when it actually produced earnings of $2.12, delivering a surprise of 18.44%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Brink's , which belongs to the Zacks Outsourcing industry, posted revenues of $1.25 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.42%. This compares to year-ago revenues of $1.24 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Brink's shares have lost about 0.2% since the beginning of the year versus the S&P 500's decline of -3.8%. While Brink's has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Brink's: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus EPS estimate is $1.66 on $1.24 billion in revenues for the coming quarter and $7.14 on $5 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Outsourcing is currently in the top 11% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, Hudson Global (HSON), has yet to report results for the quarter ended March 2025. The results are expected to be released on May 13. This staffing company is expected to post quarterly earnings of $0.06 per share in its upcoming report, which represents a year-over-year change of +108.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Hudson Global's revenues are expected to be $32.35 million, down 4.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Brink's Company (The) (BCO) : Free Stock Analysis Report Hudson Global, Inc. (HSON) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
