Marcopolo Falls as Output Decline Leaves Profit Below Estimates
Marcopolo SA, a Brazilian maker of truck and bus bodies, fell to its lowest level in a week after reporting a first-quarter drop in output that left profit below analysts’ estimates.
The shares lost 1 percent to 13.29 reais at 2:24 p.m. in Sao Paulo, the lowest price on a closing basis since April 29. The country’s benchmark Ibovespa (IBOV) index advanced 1.2 percent.
Marcopolo’s adjusted net income declined 29 percent to 55.4 million reais ($27.6 million) in the first quarter of 2013 from a year earlier, according to data compiled by Bloomberg after the company released results late yesterday. That compared with an average estimate of 59.8 million reais among four analysts surveyed by Bloomberg.
“It was not a very pleasant start of 2013 for Marcopolo,” Mario Bernardes Junior, an analyst at Banco do Brasil SA, wrote in a note to clients yesterday.
The profit fell as the company reduced the number of bus and truck models it offers while the timing of national holidays cut the number of business days compared with the prior period, he wrote.
The manufacturer’s production in the quarter declined 0.7 percent to 4,608 units, Marcopolo said in a regulatory filing.
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