Cesp Drops in Sao Paulo as Quarterly Sales Trail EstimatesDenyse Godoy
Cia. Energetica de Sao Paulo, Brazil’s second-largest power generator by capacity, slumped for a fourth day after reporting quarterly revenue that fell short of analysts’ estimates.
Shares dropped 1 percent to 19.55 reais at the close of trading in Sao Paulo, the lowest since March 8. The benchmark Bovespa index retreated 0.7 percent.
Cesp, as the electric utility is known, said in a regulatory filing on March 22 after the market closed that sales rose 1.2 percent in the fourth quarter to 805.2 million reais from a year earlier. That compares with an average estimate of 851.6 million reais of seven analysts surveyed by Bloomberg.
Shares gained 0.8 percent this year, while the Bovespa declined 10 percent during the same period.