Nov. 8 (Bloomberg) -- Marcopolo SA, Brazil’s biggest bus maker, rose to a record after third-quarter profit beat analysts’ estimates as foreign sales surged.
The stock gained 0.8 percent to 7.94 reais at the close of trading in Sao Paulo, the highest price since at least 1994.
Net income rose 21 percent from the same quarter last year to 78.5 million reais ($45.3 million), according to a statement yesterday after the market closed. That compares to an average estimate of 73.4 million reais among four analysts surveyed by Bloomberg. Foreign sales volumes expanded 31 percent, outpacing the growth of 19 percent within Brazil, the Caxias do Sul, Brazil-based company said.
“Results were strong,” Daniel Gewehr, an analyst at Banco Santander SA in Sao Paulo, wrote in a note to clients today.
While Santander rates the stock “buy,” recent gains may limit further outperformance, Gewehr said. Marcopolo has surged 53 percent from a one-year low on Aug. 8.
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