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M Dias Branco profit misses consensus by 44.2% in Q4

M. Dias Branco S.A. Indústria e Comércio de Alimentos said its normalized net income for the fourth quarter was 22 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 40 centavos per share.

EPS declined 23.8% year over year from 29 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 74.8 million reais, a decrease of 24.6% from 99.2 million reais in the year-earlier period.

The normalized profit margin fell to 6.2% from 8.5% in the year-earlier period.

Total revenue increased on an annual basis to 1.20 billion reais from 1.17 billion reais, and total operating expenses climbed 8.4% year over year to 1.09 billion reais from 1.00 billion reais.

Reported net income fell 28.7% year over year to 122.7 million reais, or 36 centavos per share, from 172.0 million reais, or 51 centavos per share.

For the year, the company's normalized net income totaled 1.24 reais per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 1.80 reais.

EPS rose from 1.20 reais in the prior year.

Normalized net income was 420.1 million reais, an increase from 410.1 million reais in the prior year.

Full-year total revenue amounted to 4.62 billion reais, compared with 4.58 billion reais in the prior year, and total operating expenses grew year over year to 4.01 billion reais from 3.91 billion reais.

The company said reported net income came to 603.9 million reais, or 1.78 reais per share, in the full year, compared with 599.3 million reais, or 1.76 reais per share, the prior year.

As of Feb. 26, US$1 was equivalent to 3.98 reais.