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Ambev SA profit misses consensus by 29.4% in Q3

Ambev SA said its normalized net income for the third quarter came to 15 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 21 centavos per share.

EPS increased 18.2% year over year from 13 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.36 billion reais, a gain of 18.4% from 1.99 billion reais in the year-earlier period.

The normalized profit margin declined to 21.9% from 23.1% in the year-earlier period.

Total revenue increased 24.6% year over year to 10.75 billion reais from 8.62 billion reais, and total operating expenses increased 26.9% from the prior-year period to 6.54 billion reais from 5.16 billion reais.

Reported net income increased 5.8% on an annual basis to 3.02 billion reais, or 19 centavos per share, from 2.85 billion reais, or 18 centavos per share.

As of Oct. 30, US$1 was equivalent to 3.85 reais.