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BRF SA profit misses consensus by 62.6% in Q3

BRF SA said its third-quarter normalized net income came to 37 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 98 centavos per share.

EPS decreased 19.8% year over year from 46 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 313.0 million reais, a decrease of 21.8% from 400.4 million reais in the prior-year period.

The normalized profit margin dropped to 2.9% from 5.5% in the year-earlier period.

Total revenue climbed 14.4% on an annual basis to 8.28 billion reais from 7.24 billion reais, and total operating expenses rose 12.6% year over year to 7.23 billion reais from 6.42 billion reais.

Reported net income increased 20.0% year over year to 686.9 million reais, or 81 centavos per share, from 572.3 million reais, or 66 centavos per share.

As of Oct. 30, US$1 was equivalent to 3.85 reais.