Ser Educacional SA said its normalized net income for the first quarter amounted to 43 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 58 centavos per share.

EPS climbed 38.7% year over year from 31 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 53.7 million reais, a gain of 38.5% from 38.8 million reais in the prior-year period.

The normalized profit margin fell to 19.9% from 25.1% in the year-earlier period.

Total revenue climbed 74.4% on an annual basis to 269.5 million reais from 154.5 million reais, and total operating expenses climbed 82.3% from the prior-year period to 175.2 million reais from 96.1 million reais.

Reported net income rose 41.1% from the prior-year period to 82.8 million reais, or 66 centavos per share, from 58.7 million reais, or 47 centavos per share.

As of May 15, US$1 was equivalent to 2.98 reais.