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Tupy profit beats consensus by 62.9% in Q1

Tupy SA said its first-quarter normalized net income came to 44 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 27 centavos per share.

EPS climbed 64.2% year over year from 27 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 64.2 million reais, an increase of 64.4% from 39.1 million reais in the year-earlier period.

The normalized profit margin rose to 7.4% from 4.9% in the year-earlier period.

Total revenue declined on an annual basis to 788.1 million reais from 805.0 million reais, and total operating expenses fell on an annual basis to 713.4 million reais from 725.9 million reais.

Reported net income grew year over year to 60.6 million reais, or 42 centavos per share, from 30.1 million reais, or 21 centavos per share.

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