Localiza Jumps in Sao Paulo After Profit Beats EstimatesDenyse Godoy
Localiza Rent a Car SA, Latin America’s largest car-rental company, surged to a one-month high after reporting fourth-quarter profit that beat estimates.
Shares rose 2.4 percent to 37.79 reais at the close of trading in Sao Paulo, the highest level since Jan. 4. Trading volume was 2.6 times the three-month average, according to data compiled by Bloomberg. The benchmark Bovespa index dropped 0.2 percent.
Localiza’s adjusted net income rose 9.4 percent from a year earlier to 86.1 million reais ($43.3 million), data compiled by Bloomberg show. The average estimate among six analysts surveyed by Bloomberg was for adjusted profit of 82.5 million reais.
Localiza gained 28 percent in the past year, while the Bovespa fell 8.9 percent during that same period.
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