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Totvs Tumbles in Sao Paulo as Earnings Trail Estimates

Totvs SA fell the most in 15 months in Sao Paulo after the business-management software developer’s fourth-quarter earnings trailed analysts’ estimates.

Shares dropped 5.8 percent to 41.49 reais at the close of trading, the biggest decline since Oct. 4, 2011. The benchmark Bovespa index fell 1.8 percent.

Fourth-quarter net income was 66.9 million reais ($33.7 million), Sao Paulo-based Totvs said in a statement after the close of trading yesterday. That was below Bradesco BBI’s estimate of 69.9 million reais and Itau BBA’s forecast of 69.7 million reais. The margin on earnings before interest, taxes, depreciation and amortization was 25.9 percent, down a tenth of a percentage point from a year earlier. Revenue rose 7.9 percent to 361.5 million reais.

The quarterly results “were weaker than expected, mostly due to the Ebitda margin contraction and top line slightly below our estimates,” Bradesco BBI analysts Luis Azevedo and Tales Freire wrote in a research note today. “We were expecting a spike in results due to seasonal variation, which did not happen.”

Totvs has advanced 37 percent in the past year, while the Bovespa fell 5.5 percent in the same period.

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