Brasil Foods Surges as Third-Quarter Sales Jump: Sao Paulo Mover
BRF-Brasil Foods SA, the world’s largest poultry exporter, rallied the most in almost three months as third-quarter sales exceeded analysts’ estimates.
Shares gained 3.6 percent to 37.70 reais at the close of trading in Sao Paulo, the steepest advance since Aug. 21. The benchmark Bovespa index added 0.7 percent.
Third-quarter adjusted revenue increased 14 percent to 7.2 billion reais ($3.5 billion), compared with the 6.9 billion reais mean estimate of 10 analysts surveyed by Bloomberg. Exports jumped 26 percent to 3.1 billion reais and sales in the domestic market advanced 7 percent to 4.1 billion reais, the company said yesterday in a filing with regulators after the market closed.
“Brasil Foods positively surprised with slightly higher- than-anticipated sales,” Joseph Giordano and Daniela Bretthauer, analysts at Raymond James Brasil SA, wrote in a note to clients published yesterday. The gain showed “an improved environment for pricing and volume” on exports, they wrote.
Brasil Foods has risen 3.6 percent this year, outperforming the Bovespa’s 1.3 percent advance.
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