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Alpargatas profit misses consensus by 31.2% in Q1

Alpargatas SA said its first-quarter normalized net income amounted to 17 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 24 centavos per share.

EPS rose 18.2% year over year from 14 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 76.7 million reais, an increase of 18.2% from 64.9 million reais in the prior-year period.

The normalized profit margin increased to 8.8% from 7.4% in the year-earlier period.

Total revenue increased 8.7% year over year to 948.9 million reais from 873.1 million reais, and total operating expenses grew 7.5% on an annual basis to 822.1 million reais from 764.7 million reais.

Reported net income declined 14.9% year over year to 99.2 million reais, or 21 centavos per share, from 116.6 million reais, or 25 centavos per share.

As of May 8, US$1 was equivalent to 2.99 reais.