May 3 (Bloomberg) -- Totvs SA, Latin America’s biggest business-management software developer, fell to a nine-month low after first-quarter earnings trailed analysts’ estimates.
Shares slid 4.1 percent to 37.30 reais at the close of trading in Sao Paulo, the lowest level since Aug. 13. The Ibovespa Brazilian stock benchmark gained 0.3 percent.
Adjusted net income rose 4 percent to 51.9 million reais ($25.8 million) in the three months through March from the same period a year earlier, according to data compiled by Bloomberg after the company released results late yesterday. That compares with an average estimate of 60.7 million reais among six analysts surveyed by Bloomberg.
A “less favorable macroeconomic scenario” led to slower-than-expected sales, which restrained profit, Susana Salaru and Gregorio Tomassi, analysts at the investment bank Itau BBA, wrote in a note to clients dated yesterday.
The company said in a regulatory filing that revenue was 374.2 million reais in the first quarter, below the average estimate of six analysts surveyed by Bloomberg for 374.8 million reais.
Totvs retreated 6.7 percent this year, while the Ibovespa lost 9 percent.
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