Duratex Climbs to Seven-Week High as Profit Beats Estimates
Duratex SA (DTEX3), a maker of wood panels and metal fixtures including faucets, climbed to its highest level in seven weeks after reporting profit and sales that beat analysts’ estimates in the second quarter.
The shares rose 4.6 percent to 14.07 reais at the close of trading in Sao Paulo, the highest since June 3. The benchmark Ibovespa gained 0.5 percent.
Duratex’s adjusted net income increased 33 percent to 130.7 million reais ($58.8 million) in the the three months through June from a year earlier, according to data compiled by Bloomberg after the Sao Paulo-based company released results yesterday. That compares with an average estimate of 129 million reais among four analysts surveyed by Bloomberg.
Adjusted revenue increased 21 percent to 976.4 million reais, exceeding the average estimate of 946 million reais among five analysts surveyed by Bloomberg.
Duratex has advanced 4.2 percent this year while the Ibovespa has declined 20 percent during the same period.
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