Duratex Rises After First-Quarter Sales Exceed Analyst Estimates
Duratex SA (DTEX3), a maker of wood panels and metal fixtures including faucets, jumped after reporting profit that exceeded analysts’ estimates.
The shares rose 2.5 percent to 14.68 reais at 11:49 a.m. in Sao Paulo, the highest intraday price since April 12. The benchmark Ibovespa gained 1 percent.
Duratex’s adjusted net income rose 63 percent to 140.6 million reais ($69.8 million) in the first quarter from a year earlier, according to data compiled by Bloomberg after the Sao Paulo-based company released results late yesterday. That compares with an average estimate of 129.5 million reais among four analysts surveyed by Bloomberg.
The stock is the second-most favored on the Ibovespa, (IBOV) based on a composite of analyst ratings compiled by Bloomberg. Duratex’s consensus rating is 4.71, trailing only iron ore mining company Vale SA. (VALE5)
Duratex has advanced 8.6 percent this year while the Ibovespa declined 10 percent during the same period.
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