Cesp Declines in Sao Paulo After Quarterly Sales Trail Estimates

Cia. Energetica de Sao Paulo, Brazil’s second-largest power generator by capacity, slumped for a fourth day after reporting quarterly revenue that fell short of analysts’ estimates.

Shares dropped 0.7 percent to 19.61 reais at 2:53 p.m. in Sao Paulo after earlier sliding as much as 1.6 percent to 19.42 reais, the lowest intraday price since March 20. The benchmark Bovespa index retreated 0.6 percent.

Cesp, as the electrical utility is known, said in a regulatory filing on March 22 after the market closed that sales rose 1.2 percent in the fourth quarter to 805.2 million reais from a year earlier. That compares with an average estimate of 851.6 million reais of seven analysts surveyed by Bloomberg.

Shares gained 1.8 percent this year through March 22 while the Bovespa declined 9.4 percent during the same period.

To contact the reporter on this story: Denyse Godoy in Sao Paulo at dgodoy2@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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