Even Construtora Rises as Sales Beat Estimates: Sao Paulo Mover

Even Construtora e Incorporadora SA rose the most in over two months after the Brazilian builder reported first-quarter sales and new projects that exceeded some analysts’ estimates.

Even climbed 5.3 percent to 7.58 reais in Sao Paulo trading, the most since Feb. 1. The benchmark Bovespa stock index rose 1.2 percent.

Even said it started 516 million reais ($279 million) in new projects in the first quarter, and signed contracts to sell 525 million reais of real estate, according to a preliminary earnings statement posted on its website yesterday.

“Figures came in strong with Even reporting the best operational results in our sample so far,” Guilherme Rocha, Daniel Gasparete and Vanessa Quiroga, analysts at Credit Suisse AG, wrote in a report to clients. “Not only did launches come in above our expectations, but sales were also strong.”

Credit Suisse rates the stock the equivalent of buy.

To contact the reporter on this story: Fabiola Moura in Sao Paulo at fdemoura@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos in New York at papadopoulos@bloomberg.net Telma Marotto at tmarotto1@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.