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Ambev SA profit misses consensus by 30.1% in Q2

Ambev SA said its second-quarter normalized net income was 11 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 16 centavos per share.

EPS increased 17.6% year over year from 10 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.80 billion reais, a gain of 17.9% from 1.52 billion reais in the prior-year period.

The normalized profit margin fell to 18.1% from 18.6% in the year-earlier period.

Total revenue grew 21.2% on an annual basis to 9.91 billion reais from 8.18 billion reais, and total operating expenses increased 21.8% year over year to 6.60 billion reais from 5.42 billion reais.

Reported net income grew 14.6% from the prior-year period to 2.54 billion reais, or 16 centavos per share, from 2.21 billion reais, or 14 centavos per share.

As of July 30, US$1 was equivalent to 3.37 reais.