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Garda revenue climbs on contract startups

Stephan Cretier, president and chief executive officer of Garda World Security Corporation in their Montreal offices.

Christinne Muschi/Christinne Muschi/The Globe and Mail

Garda World Security Corp. credits contract startups in the United States and elsewhere for sharply higher revenues and a slight increase in profit in its latest quarter.

Montreal-based Garda said net earnings in its fiscal 2012 third quarter were just over $6.3-million or 20 cents per share, compared with profits $6.25-million, also 20 cents per share, in the same 2010 period.

Revenue in the three months ended Oct. 31 totalled $313-million, up 10.8 per cent from $283 million in the same year-earlier period.

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"Our positive record performance for the quarter reflects the beneficial effect of contract startups in the United States and in our emerging markets," said Patrick Prince, senior vice-president and chief financial officer.

"Because we integrated the new revenue faster than we expected, we improved our margins for the quarter compared to Q2. We now have established a strong momentum for the remainder of this fiscal year and into 2013."

President and CEO Stephan Cretier described business as "very good throughout all areas of the company."

"We've accomplished our goal of repositioning Garda as a thriving growth company," Mr. Cretier said, adding that the growth had been achieved "with sustainable margin improvement at every level."

"In fact, except for our Canadian cash logistics operation, which is below budget year to date, every single business unit is delivering results above expectations," he said.

Garda, with 45,000 employees, provides security, cash logistics and global risk consulting to clients in North America, Europe, Latin America, Africa, Asia and the Middle East.

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