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Borg-Warner Security Corp. reported that second-quarter earnings jumped 116 percent, to $4.1 million, or 17 cents per share, from $1.9 million, or 8 cents per share, a year earlier.
Revenues for the Chicago-based security services company declined by 9 percent, to $378.6 million from $418.3 million. The decline resulted from the combination of the company’s Wells Fargo Armored business with Loomis Armored, which now is counted as a 49 percent-owned equity investment.
For the six months, net income more than tripled, reaching $8.1 million, or 34 cents per share, up 237 percent from $2.4 million, or 10 cents per share, in the 1996 half. Revenues declined 9 percent, to $761 million from $832.4 million.
