Feb. 28 (Bloomberg) -- Marcopolo SA rose to the highest in a week after the Brazilian bus manufacturer reported annual sales and profits that beat analysts’ estimates.
The shares gained 1.4 percent to 8.72 reais at 3:10 p.m. in Sao Paulo, after earlier touching 8.85 reais, the highest intraday price since Feb. 16. The benchmark Bovespa stock index advanced 1.2 percent.
Adjusted net income rose 16 percent to 343 million reais ($201 million) last year, beating the average estimate of 314 million reais among six analysts surveyed by Bloomberg. Earnings per share were 0.77 reais and sales were 3.4 billion reais, as stronger results in Brazil offset slower exports.
“Marcopolo’s results in 2011’s final quarter were good, especially because of the steep increase in profit margins,” Mario Bernardes Junior, an analyst at Banco Do Brasil, wrote in a research note. “The company posted robust growth in revenue from the domestic market.”
Vehicle sales in Brazil increased 12 percent in 2011 to 31,761 units, Marcopolo said in a statement today on its website. Exports dropped 17 percent to 4,228 vehicles.
Fourth-quarter revenue increased 12 percent to 949 million reais and net income rose 37 percent to 113.4 million reais.
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