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Alpargatas profit misses consensus by 67.2% in Q2

Alpargatas SA said its normalized net income for the second quarter came to 7 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 20 centavos per share.

EPS climbed year over year from 2 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 30.5 million reais, an increase from 10.7 million reais in the prior-year period.

The normalized profit margin rose to 3.3% from 1.2% in the year-earlier period.

Total revenue grew 14.0% on an annual basis to 996.9 million reais from 874.4 million reais, and total operating expenses climbed 12.7% from the prior-year period to 946.3 million reais from 839.7 million reais.

Reported net income increased on an annual basis to 46.0 million reais, or 10 centavos per share, from 22.8 million reais, or 5 centavos per share.

As of Aug. 7, US$1 was equivalent to 3.51 reais.