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Marfrig Global Foods Q4 loss widens YOY

Marfrig Global Foods SA said its normalized net income for the fourth quarter amounted to a loss of 46 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of a loss of 25 centavos per share.

The per-share loss increased year over year from 16 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 238.6 million reais, compared with a loss of 82.2 million reais in the year-earlier period.

The normalized profit margin dropped to negative 4.8% from negative 1.5% in the year-earlier period.

Total revenue decreased 6.3% year over year to 5.00 billion reais from 5.33 billion reais, and total operating expenses declined year over year to 4.76 billion reais from 4.99 billion reais.

Reported net income came to a loss of 241.0 million reais, or a loss of 46 centavos per share, compared to a loss of 72.1 million reais, or a loss of 14 centavos per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 1.31 reais per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 86 centavos.

EPS was a loss of 2.66 reais in the prior year.

Normalized net income was a loss of 684.9 million reais, compared with a loss of 1.38 billion reais in the prior year.

Full-year total revenue decreased from the prior-year period to 19.33 billion reais from 19.55 billion reais, and total operating expenses declined year over year to 18.31 billion reais from 18.57 billion reais.

The company said reported net income totaled a loss of 726.4 million reais, or a loss of 1.39 reais per share, in the full year, compared with a loss of 1.42 billion reais, or a loss of 2.74 reais per share, the prior year.

As of Feb. 24, US$1 was equivalent to 3.11 reais.