Santos Brasil Participacoes SA, the country’s largest shipping container operator, climbed to the highest in almost five months after earnings beat estimates as China-led demand boosted the country’s commodity exports.
Santos, based in the namesake port city south of Sao Paulo, rose 4.2 percent to 29.89 reais today. Earlier it surged as much as 7.2 percent in Sao Paulo trading. The stock price is the highest since Sept. 9.
The company, which handles coffee, sugar and other exports from three Brazilian ports, reported rising revenue and profit as shipments from Latin America’s largest economy increased.
Santos had “a strong set of results, combining good revenue growth and a hefty margin expansion,” Renata Faber and Thiago Macruz, analysts at Sao Paulo-based Banco Itau BBA SA, said in a report yesterday. “The main positive highlight continues to be the warehousing operation, with a strong revenue growth relative to 2011.”
Fourth-quarter net income climbed to 74.6 million reais ($43.4 million) from 58.1 million a year earlier, Santos said yesterday after markets closed. That exceeds the 52.9 million-real average estimate of five analysts compiled by Bloomberg.
Earnings per share of 56.9 centavos in the quarter exceeded an average estimate of 39 centavos, according to Bloomberg data.