Odontoprev Falls to Two-Month Low as Earnings Trails Estimates
Odontoprev SA (ODPV3), a Brazilian dental benefits company, fell to a two-month low after third-quarter profit trailed analysts’ estimates.
Shares dropped 2.8 percent to 10.19 reais at 4:02 p.m. in Sao Paulo. The benchmark Bovespa index slid 1.2 percent.
Third-quarter net income fell 9.5 percent to 35.4 million reais ($17.5 million), Odontoprev said in a regulatory filing yesterday. That compares to an average estimate of 42.5 million reais among 10 analysts surveyed by Bloomberg. Sales were 243.1 million reais, compared with an estimate of 244.6 million reais.
“A slowing economy in Brazil limited the potential of sales of plans to companies,” Karina Freitas, an analyst at brokerage Concordia, wrote in a note to clients dated today.
Odontoprev gained 19 percent this year through yesterday, while the Bovespa advanced 1.9 percent during the same period.
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