Kroton Educacional SA said its normalized net income for the first quarter amounted to 14 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 27 centavos per share.

EPS fell 13.2% year over year from 17 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 233.6 million reais, a gain of 32.0% from 177.0 million reais in the year-earlier period.

The normalized profit margin fell to 18.6% from 26.3% in the year-earlier period.

Total revenue increased 91.1% on an annual basis to 1.29 billion reais from 674.0 million reais, and total operating expenses rose year over year to 903.3 million reais from 389.0 million reais.

Reported net income rose 34.5% from the prior-year period to 373.4 million reais, or 23 centavos per share, from 277.7 million reais, or 26 centavos per share.

As of May 12, US$1 was equivalent to 3.04 reais.