Duratex SA’s adjusted net income fell 34 percent in the fourth quarter from the same period last year, missing analysts’ estimates.
Sao Paulo-based Duratex, a maker of wood panels and bathroom fixtures, reported adjusted net income of 79.4 million reais ($46.3 million) in the fourth quarter, compared with 119.6 million reais in the same period a year earlier, according to a regulatory filing. The company was expected to post an adjusted net profit of 80.47 million reais, according to the median estimate of six analysts surveyed by Bloomberg.
The company said yesterday it plans to buy back as many as 20.89 million voting shares, or less than 10 percent of the shares of that class that are traded on the market, according to a regulatory filing. Duratex said the program is valid from Feb. 24, 2012 until Feb. 22, 2013, according to the filing.
-- Editor: Adriana Brasileiro