Armored truck firm reports a quiet quarter

Ironcoast Secure Transit, Palmetto Bay's largest armored-truck operator, reported a quarter in which every truck arrived, every bag was counted and nothing at all happened, and its shares fell 0.8% on the news.

"Investors want to see the armor tested," said one analyst. "A quarter with no attempts raises the question of whether the criminals know something we don't."

The numbers

Revenue rose 3% on new contracts with two casinos and a pawn shop that recently bought back its own safe. Costs fell as the company's fleet spent less time stationary "for reasons." The company's "incidents" line, which has a budget, was unspent.

The chief executive, on the earnings call, said the quiet quarter "reflects the deterrent value of our trucks" and that "a certain class of customer in this city has moved on to yachts."

"We'd like to be robbed a little. Not a lot. Just enough that people remember what we're for."

— Ironcoast chief financial officer, to analysts

The yacht theory

The CFO's remark refers to this week's discovery of the mayor's yacht on the coastal freeway, nine miles from water, which has led several commentators to suggest that Palmetto Bay's criminal talent has "gone maritime." Harborline Marine Insurance, which this week launched a product for boats found on land, saw its own shares rise 4%.

Ironcoast has not ruled out adding boats. "We go where the cash goes," the CFO said. "If the cash is on a yacht on a freeway, we'll be behind it, at a safe distance, in a truck."

Outlook

The company has also confirmed it will not be bidding for the city's gold-bar contract, under which a truck would wait beside the Plaza fountain on the week after each full moon. "We transport cash," the CFO said. "We do not fish."

The company guided to a "more eventful" second half, citing the Golden Pelican heist as "a sign the market is recovering." It will not say which market.

Shares closed down 0.8%. Analysts remain split between "hold" and "wait for someone to try something." One has set a price target "conditional on a modest incident in the fourth quarter," and has been asked by the exchange to clarify what that means. He has not.