Kroton Educacional SA said its normalized net income for the third quarter amounted to 13 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 24 centavos per share.

EPS increased 50.7% year over year from 9 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 217.8 million reais, a gain of 51.4% from 143.8 million reais in the year-earlier period.

The normalized profit margin rose to 17.6% from 12.6% in the year-earlier period.

Total revenue increased 7.8% year over year to 1.23 billion reais from 1.15 billion reais, and total operating expenses decreased on an annual basis to 893.4 million reais from 909.5 million reais.

Reported net income increased 46.9% on an annual basis to 312.8 million reais, or 19 centavos per share, from 213.0 million reais, or 13 centavos per share.

As of Nov. 12, US$1 was equivalent to 3.79 reais.