Estácio Participações SA said its fourth-quarter normalized net income was 14 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 33 centavos per share.

EPS fell 16.3% year over year from 17 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 43.7 million reais, a decrease of 18.3% from 53.4 million reais in the prior-year period.

The normalized profit margin declined to 5.5% from 8.2% in the year-earlier period.

Total revenue climbed 10.1% on an annual basis to 718.2 million reais from 652.4 million reais, and total operating expenses increased 17.0% year over year to 649.2 million reais from 554.7 million reais.

Reported net income declined 14.6% on an annual basis to 68.3 million reais, or 21 centavos per share, from 79.9 million reais, or 25 centavos per share.

For the year, the company's normalized net income totaled 98 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.67 reais.

EPS rose 6.8% from 91 centavos in the prior year.

Normalized net income was 309.6 million reais, a rise of 10.5% from 280.2 million reais in the prior year.

Full-year total revenue rose 22.2% year over year to 2.94 billion reais from 2.40 billion reais, and total operating expenses increased 22.8% on an annual basis to 2.41 billion reais from 1.96 billion reais.

The company said reported net income rose 14.7% on an annual basis to 485.4 million reais, or 1.53 reais per share, in the full year, from 423.2 million reais, or 1.38 reais per share.

As of March 11, US$1 was equivalent to 3.61 reais.