GAEC Educação SA said its normalized net income for the fourth quarter was 36 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 16 centavos per share.

EPS climbed 94.8% year over year from 19 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 30.2 million reais, an increase of 94.7% from 15.5 million reais in the year-earlier period.

The normalized profit margin increased to 16.9% from 7.3% in the year-earlier period.

Total revenue fell year over year to 206.8 million reais from 211.5 million reais, and total operating expenses declined 19.8% year over year to 151.1 million reais from 188.3 million reais.

Reported net income came to a loss of 5.6 million reais, or a loss of 7 centavos per share, compared to income of 45.9 million reais, or 55 centavos per share, in the year-earlier period.

For the year, the company's normalized net income totaled 92 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.29 reais.

EPS declined 17.3% from 1.11 reais in the prior year.

Normalized net income was 76.2 million reais, a decrease of 17.3% from 92.1 million reais in the prior year.

Full-year total revenue rose 23.5% on an annual basis to 856.6 million reais from 693.5 million reais, and total operating expenses rose 26.5% year over year to 723.6 million reais from 571.9 million reais.

The company said reported net income fell 61.1% on an annual basis to 64.2 million reais, or 77 centavos per share, in the full year, from 164.9 million reais, or 1.99 reais per share.

As of March 9, US$1 was equivalent to 3.69 reais.