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Minerva profit beats consensus by 44.1% in Q4

Minerva S.A. said its normalized net income for the fourth quarter came to 34 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 23 centavos per share.

The per-share result swung to a profit from the prior-year loss of 79 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 64.5 million reais, compared with a loss of 209.5 million reais in the prior-year period.

The normalized profit margin increased to 2.3% from negative 9.8% in the year-earlier period.

Total revenue rose 29.4% year over year to 2.75 billion reais from 2.13 billion reais, and total operating expenses grew 22.8% from the prior-year period to 2.44 billion reais from 1.98 billion reais.

Reported net income came to 66.3 million reais, or 35 centavos per share, compared to a loss of 312.0 million reais, or a loss of 1.18 reais per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 2.36 reais per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 3.87 reais.

EPS was a loss of 1.47 reais in the prior year.

Normalized net income was a loss of 452.3 million reais, compared with a loss of 262.3 million reais in the prior year.

Full-year total revenue increased 36.3% year over year to 9.52 billion reais from 6.99 billion reais, and total operating expenses grew 34.2% on an annual basis to 8.58 billion reais from 6.39 billion reais.

The company said reported net income came to a loss of 800.7 million reais, or a loss of 4.17 reais per share, in the full year, compared with a loss of 418.2 million reais, or a loss of 2.35 reais per share, the prior year.

As of March 8, US$1 was equivalent to 3.79 reais.