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Ambev SA profit misses consensus by 24.4% in Q1

Ambev SA said its first-quarter normalized net income amounted to 15 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 19 centavos per share.

EPS climbed 19.4% year over year from 12 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.32 billion reais, a gain of 19.6% from 1.94 billion reais in the prior-year period.

The normalized profit margin climbed to 21.6% from 21.5% in the year-earlier period.

Total revenue climbed 19.1% on an annual basis to 10.77 billion reais from 9.05 billion reais, and total operating expenses climbed 15.2% year over year to 6.38 billion reais from 5.53 billion reais.

Reported net income increased 12.7% year over year to 2.85 billion reais, or 18 centavos per share, from 2.53 billion reais, or 16 centavos per share.

As of May 6, US$1 was equivalent to 3.04 reais.