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the encouraging and disappointing results in Q3



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SAO PAULO – The third quarter earnings season is heading towards its finals this week. As expected, overall the numbers were still relatively weak for companies, especially given the challenging context for the growth of the domestic economy.

However, some companies were surprised to find figures that shone in the eyes of investors, while others released data that were not well regarded by the market.

On the positive side, blue chips showed results that excited the market, such as Vale and Petrobras. The mining company achieved strong cash generation, while the oil company more than offset the drop in oil and also showed progress in reducing leverage.

There are also cases like Magazine Luiza, which managed to surprise even those who already expected a strong result, especially amid the advance of e-commerce. Suzano, which had been suffering from falling paper and pulp prices, also managed to surprise by reducing its inventory. Ultrapar, Copel, Valid, among other names, encouraged investors with much higher than expected numbers (which was reflected in the stock's performance soon after the release of their balance sheets).

At the opposite end, the highlights are Ambev, which saw its shares fall 8% in the post-balance sheet trading session and with the main negative highlight being the drop in beer sales volume in the Brazilian market.

CVC was also a noticeable disappointment with the third quarter balance sheet, showing that the Avianca effect continues to have a very strong impact on the company's numbers.

The steel industry also posted negative numbers: CSN was one of those disappointed by the weaker performance of the mining division, but also by the steel business (due to slightly lower prices and higher costs). Localiza, BRF, Porto Seguro and SulAmérica also disappointed.

Check out the main highlights (both positive and negative) of the third quarter balance sheets:

POSITIVE HIGHLIGHTS

Petrobras (PETR3; PETR4)

The Brazilian state-owned company earned $ 9.087 billion, up 36.8% over the same period last year, higher than expected, which led the oil company shares to rise 3% after the release of results.

Investors' positive outlook was driven precisely by the resilience shown by the sharp 9.5% drop in oil in the third quarter compared to the second quarter, in addition to healthy cash generation and debt reduction.

Credit Suisse highlighted the former IFRS recurring Ebitda, which was 15% higher than expected by the Swiss bank, while net income was 9% higher than expected. If adjusted for non-recurring factors (gain from BR Distribuidora, impairments, deferred tax write off), it would be even better, according to the Swiss bank.

Bradesco BBI pointed out that after the third quarter balance sheet, there is a very high chance that Petrobras will have a net profit of over R $ 40 billion in 2019.

Vale (VALE3)

Vale presented numbers in line with its expectations, but still quite positive, according to XP.

The mining company reported profit of $ 6,461 billion. The value is 15.2% higher than the gain of $ 5.608 billion recorded in the same period last year.

The numbers were well received because there was strong cash generation – of US $ 3 billion – being the main positive highlight and leading to an impressive drop in leverage to 0.5 times the ratio of net debt to EBITDA (at US $ 3 billion). 5.3 billion), at the lowest level since the last quarter of 2008.

“With the normalization of operations, all eyes are (or should be) focused on the 2020 dividends, whose reestablishment we see as the main value lever for the company,” says the analysis team.

Magazine Luiza (MGLU3)

Magazine Luiza's stock also skyrocketed after the swing. The company posted adjusted net income of R $ 136.3 million in the third quarter, surpassing the best of Bloomberg's projections of R $ 127 million. The result represents an increase of 12.7% over the same period of 2018. The adjusted amount considers the dilution of financial expenses and payment of interest on equity.

The balance was surprising, showing that Magazine Luiza has the best balanced e-commerce operations among Brazilian retailers, with assertive execution, innovative mindset and robust cash flow generation, wrote Brasil Plural analysts Felipe Reboredo and Eduardo Nishio in a report. “The highlight of the quarter was undoubtedly the e-commerce segment,” they added.

Credit Suisse also pointed out that Magalu delivered another quarter above market expectations. "Growth is coming, and it seems that this movement is likely to continue quite strongly in the near future," said the institution, adding that the fourth quarter will mark the first period in which online sales should pass GMV of physical stores.

But how much retailer action can still go up is a question. According to XP Investimentos, at current levels there is little room for asset appreciation. On the other hand, Bradesco BBI stressed that short-term investments will likely pay dividends in the future, which reinforced the outperform recommendation after the balance sheet.

Suzano (SUZB3)

At first glance, Suzano's result could be considered negative, as the pulp and paper company recorded a net loss of R $ 3.46 billion in the third quarter of this year, reversing the profit of R $ 1.02 billion obtained a year earlier and with the biggest losses of the decade. The company's net revenue was R $ 6.6 billion, down 33% over the same period of 2018.

However, contrary to expectations, the numbers surprised positively. First, expectations were already “low” for the sector with lower demand from China, which puts pressure on commodity prices.

In this scenario, one of the points of concern was the storage of the company's products amid weak demand. Thus, the main positive highlight pointed out by market analysts was the strong reduction of 450 thousand tons in inventories, which compares with the 300 thousand tons expected by the market, which helped boost cash generation.

Credit Suisse estimates that excess inventory is currently around 1.4 million tonnes and that, while still at a fairly high level, “the destocking delivered this quarter is a step in the right direction”. XP pointed out that, operationally, the strongest performance in the paper segment was primarily responsible for driving Suzano's results outperforming the house, while pulp numbers were generally in line with those of the paper team. analyze.

Valid (VLID3)

The day after the release of the third quarter results, Valid shares jumped 10%. The company posted net income of R $ 31.7 million in the third quarter, up 33.2% over the same period last year. . Ebitda totaled R $ 97.6 million, an increase of 20.3%, mainly explained by the results in the Brazilian and US means of payments division, as well as the mobile division. Revenue rose 18.8% to $ 569 million.

Revenue beat Itaú BBA's projections by 9% with strong payments performance, which also supported Ebitda expansion. Thus, the numbers were considered positive by the bank's analysis team.

According to Brasil Plural, the results showed a good recovery after a disappointing second quarter. “As revenues recover, Ebitda margin also rebounded dramatically from 12.5% ​​in the second quarter to 17.2% this quarter, bringing hope that the expected history of a gradual path to margin recovery is finally over. revealing itself after its extensive restructuring in 2016-2018, ”bank analysts say.

However, they made one caveat: As good as this quarter may seem, the figures from the previous quarter remind us that even a slight drop in volumes can lead to fixed costs massively compressing margins. In the second quarter, a 4.6% year-on-year decline in ID unit net revenue led to a 34% Ebitda compression.

"In addition, with an imminent regulatory change that could put its core product at risk of deep margin compression, we simply cannot be optimistic about a consistent history of margin recovery," analysts point out, citing possible changes in CNH as the extension. driving license validity from 5 to 10 years. The company issues the document in 14 states.

Co. Hering (HGTX3)

Cia. Hering also performed strongly on the stock market, with gains of 6%. The retailer posted net income of $ 64.1 million in the third quarter of this year, 22.3% higher than a year earlier ($ 52.4 million). The net revenue of the company had a much smaller growth, of 0.8% in the annual comparison, totaling R $ 388,47 million.

Itaú BBA noted that Hering reported strong same-store sales figures – up 6.6% from an estimated 4.2% – and higher-than-expected gross profit, which was accompanied by a 300 basis point expansion. According to analyst Thiago Macruz, despite higher marketing expenses and profit sharing, there is a “positive view” that the temporarily more pressured investment margin could lead to sustainable growth in net revenues.

Bradesco BBI also points out that, overall, the result is robust, with same-store sales slightly better than expected and good quality gross margin developments (higher production efficiency and lower sales at lower prices). Analysts saw this as a good omen for more efficient business management in the future, which should lead to better sales growth and profitability. However, they follow a neutral recommendation for assets, assessing that these indications are already priced by the market.

Ultrapar (UGPA3)

Ultrapar's net income was R $ 311.9 million in the third quarter, well above the market consensus of R $ 255.3 million.

According to Morgan Stanley analysts Bruno Montanari and Guilherme Levy, all of the company's business units exceeded expectations in the quarter, but it should be considered, as it reveals a lot about the low level of confidence in the result.

"Highlights were the largest margin in fuel distribution, an improvement in operating profits in Liquefied Petroleum Gas (LPG) and oxytene also showing recovery," experts say. Ipiranga brand margins grew above projections and for the first time ever suggest better numbers for the coming quarters.

Extrafarma, in turn, had a strong net closing of stores, and for the first time since 2017 it was able to report a positive EBITDA, even of only R $ 1.3 million.

Moved (MOVI3)

Movida posted net income of R $ 60 million in the third quarter, up 45.8% year-on-year. Ebitda reached R $ 192 million, an increase of 60.6%. Net revenue increased 57.1% to R $ 960.8 million.

For XP, Movida's overall result was positive, with efforts to improve efficiency and maintain fleet turnover at healthy levels amid sequentially better results. XP maintains the buy recommendation based on sequential margin improvement, higher value generation with the maturity of the used car segment and multiple attractiveness.

Copel (CPLE6)

Copel posted a profit of R $ 613.5 million in the third quarter of this year, up 42.4% over the performance of the same quarter last year. Ebitda totaled R $ 1.201 billion, an increase of 40.5%, with a margin of 28.2% (+8.3 pp). Net revenue fell by 1.3% to R $ 4.253 billion.

For Itaú BBA, Copel's results were very positive, which led the institution to reiterate Paraná's electricity as the main choice of the sector, with outperform recommendation and 2020 target price of R $ 65. “” Copel reported very strong results. strong in all sectors, surpassing IBBA's estimate and consensus, ”he said.

XP also highlighted a very positive view of the numbers, pointing out that the company's transformation has just begun.

“We have a positive assessment of Copel's results due to the surprise with the figures released compared to our estimates and those of the market consensus. In particular, we highlight (1) the company's commitment to keep manageable costs under control and growing below the accumulated inflation in the period and (2) the continuity of the company's debt reduction process, ”says the electrical analysis team.

Marfrig (MRFG3)

One of the highlights among the protein companies was Marfrig, even though its actions performed poorly after the balance sheet. The company earned $ 100.4 million in the third quarter of this year, reversing the loss of $ 126 million recorded in the same period last year. According to the balance sheet, the company recorded consolidated net revenue of $ 12.7 billion – a record for the company. The value is also 3.6% higher than seen a year earlier.

Analysts consulted by Bloomberg expected Marfrig's consolidated net revenues of R $ 12.6 billion between July and September this year. The company's adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R $ 1.5 billion, also a record high. The result exceeded the expectation of $ 1.36 billion analysts heard by Bloomberg.

According to Bradesco BBI, the company reported strong numbers, with Ebitda 10% above consensus and 15% higher than expected by bank analysts. The highlight was the US operation, which exceeded analysts' gross margin estimates by 3 percentage points (including the benefit of the Tyson Foods plant). "The numbers show that Marfrig should reach the top of its guidance for Ebitda in 2019," says the bank.

However, according to Bradesco BBI, the company's valuation is not attractive at this time and the main driver for the most positive result seems temporary (Tyson). Thus, the bank maintains a neutral view of the paper.

JBS (JBSS3)

JBS's results also brightened after the company reversed last year's third quarter loss and posted a profit of $ 356.7 million in the same period this year. Ebitda was a record of R $ 5.9 billion, an increase of 33.6%, with margin growing from 9.0% to 11.3%. With an extraordinary adjustment of R $ 12 million, Ebitda was the largest ever recorded by the company.

According to the company, the leverage fell to 2.39 times in dollars and 2.56 times in reais, "being the lowest levels ever recorded by the company."

“JBS reported stronger than expected results, with a record EBITDA of R $ 5.9 billion, up 11% on expectations, while Seara and the US pork segment were the main positive highlights. The EBITDA margin of 11.3% compares with our estimate of 10.2% and 9% in the third quarter of last year. Free cash flow was strong at R $ 3.7 billion, while leverage (net debt / Ebitda) dropped to 2.6 times from 2.8 times in the second quarter. We reiterate our purchase recommendation, ”says XP.

enMalls (BRML3)

In the mall segment, brMalls cheered up, seeing its profit go to $ 258.4 million in the third quarter, up 180% compared to the same period last year. Already adjusted net income, without effect, for example, from the sale of malls – was R $ 186,828 million, up 51.4%.

“BrMalls reported results above our expectations and also from the expectations of the market. Despite a still challenging quarter in the economic field, the company delivered (i) an increase in the portfolio's average load factor; (ii) same-store sales growth of 2.2%, above what we expected, (iii) a reduction of around 1.5 points in tenant turnover, and (iv) stronger than expected reduction in some lines of costs, thus resulting in higher than expected margins, ”says XP. The indicators were solid and showed sequential improvement in the main operational metrics, analysts also evaluated.

Sanepar (SAPR11)

Sanepar, state of Paraná's sanitation company, earned R $ 243.6 million in the third quarter, 84.6% higher than in the same period of 2018. Revenue, in turn, was up 13.4%, to R $ 1.18 billion, while Ebitda advanced 36% to R $ 485.7 million.

The results had a positive impact of the 5.12% annual tariff readjustment in 2018 and effective 2019, due to the 8.37% readjustment applied at the end of May this year and the expansion of consumer units served by the company.

Brasil Plural estimates that Sanepar's results exceeded estimates, with the company recording operating margin expansion. According to the report, Q3 performance "leads us to believe that our 2019 profitability forecast could be very conservative."

XP points out that it sees Sanepar as one of the best risk-return companies in the sanitation sector, with stocks trading at multiples more attractive than its peers in the sector.

“Following the decision of the Paraná State Court of Auditors (TCE-PR) to reverse its previous ruling on the 2019 tariff readjustment, we believe that the difference in share valuation for the sector should narrow as the perception of risk, ”says the analysis team. The recommendation for assets is to purchase with a target price of $ 107 per unit.

Directional (DIRR3)

Construtora Direcional posted net income of R $ 25.95 million in the third quarter of this year, reversing the R $ 83.8 million loss recorded in the same period of 2018.

The company's net revenue reached R $ 367.24 million at the end of September. The value is 18.5% higher than the year before (R $ 309.92 million).

Adjusted EBITDA, which excludes capitalized interest on production financing, ended the quarter at R $ 60.5 million. This is a 66.1% increase over the same period last year (R $ 36.45 million).

For Bradesco BBI, Direcional presented another set of solid results. Credit Suisse further reinforces the view by citing that MCMV's 39% margins indicate room for improved pricing to boost sales velocity and increase returns.

"We recognize that the regulatory scenario for low-income construction companies should bring a reduction in financing next year, but we think Direcional is well positioned to gain participation in the program," said Credit. In addition, diversification towards the lower middle income segment should help accelerate profits ahead. The company remains the top pick of the bank's low-income segment, with good prospects for increasing return on equity with dilution of fixed costs.

Bradesco BBI also sees an increasingly challenging prospect for the MCMV program, whose total contracted units are expected to decline this year. "However, we continue to believe that more efficient players, focused on more accessible units within the program, will continue to gain ground," analysts pointed out.

Bradesco BBI's recommendation for Directional is outperform (above market average performance), with a target price of R $ 14.00 – upside of 18%. Along with Tenda, according to the report, these are your choices in the segment.

Anima (ANIM3)

Anima posted adjusted net income of R $ 17.9 million in the third quarter, up 19.8% over the same period last year. Unadjusted net income totaled R $ 3.9 million, reversing losses of R $ 16.7 million a year earlier.

Adjusted Ebitda totaled R $ 52.4 million, up 29.5%, while unadjusted Ebitda totaled R $ 36 million, an increase of 6.7 times. Net revenue reached R $ 293.6 million, an increase of 14.6%.

According to Morgan Stanley, the numbers were positive, highlighting the company's growth, reinforcing the bank's view that the education company will have the largest organic growth versus peers in 2019 and margin expansion.

Itaú Unibanco (ITUB4)

Itaú Unibanco had a profit of more than R $ 7.1 billion in the third quarter of this year, a number above the expectations of analysts and causing the shares to rise in the post-balance sheet session.

In a report, Morgan Stanley's financial industry analysis team pointed out that managerial profit was above expectations, with a “very solid” quarter, driven by rapid loan acceleration and superior cost control.

“Itaú continues to show high level execution capabilities ahead of costs, achieving a low multiyear efficiency ratio this quarter. In total, we think the actions will react positively to the results, ”they wrote.

Credit Suisse highlighted as positive the strong acceleration of net interest income [NII] with customers (+ 9.1%), positive tariff performance (+ 7.3%) and good control of operating expenses (+ 1.2%) in the annual comparison.

Swiss bank reinforced recommendation outperform (above-average performance) for ITUB4 assets, highlighting profit growth outlook and possible positive surprise in opex.

NEGATIVE HIGHLIGHTS

Ambev (ABEV3)

Ambev was one of the main negative highlights of the season, causing stocks to fall 8% in the post-balance sheet session.

The main negative highlight was the 2.8% decrease in beer volume in Brazil on the annual comparison basis (versus estimates of only weak growth; XP, for example, expected a 1.5% increase).

“Latin American and Central American volumes exceeded our estimates, but far from offsetting Brazil's results in both the beer and non-alcoholic beverage (NAB) segments,” XP said.

Also for Itaú BBA, Ambev's result was negative. "The positive surprise of net income was entirely attributable to a non-recurring gain of $ 170 million," said the bank's analysis team, punctuating the weak performance of beers in Brazil, as well as the non-alcoholic margins and Ebitda below in all business abroad.

CVC (CVCB3)

CVC doesn't know what it's like to see its shares go up since it released its third quarter balance sheet on the night of November 7. On November 8 alone, assets plummeted 14%. The operator and travel agency posted net income of R $ 79.5 million in the third quarter of 2019, down 3.6% from the R $ 82.5 million recorded in the same quarter of 2018. The result is attributable to controlling shareholders, basis for the distribution of dividends.

According to Bradesco BBI, the 3.1% increase in reserves in Brazil was lower than expected (the estimate was a high of 4.8%), while revenue was R $ 415 million, down 4% on the compared to the same period of 2018 and 2% lower than expected.

“Avianca's judicial recovery process – and the resulting impact on airfare prices – impacted CVC throughout the quarter,” they assess. Therefore, same-store sales growth declined from 2% in the second quarter to 6% in the third quarter (compared to an estimated 5% drop in Bradesco BBI analysts).

However, there is positive news> the leisure segment rose 5% in September, when air ticket prices began to normalize at the end of the month. However, other external factors, such as the temporary shutdown of aircraft for emergency inspections, delays in the delivery of new aircraft and oil spills on Northeast beaches had a negative impact in October.

Therefore, the outlook for the fourth quarter looks weak. “In addition, competition is negatively pushing the price of packages and CVC has reported additional extraordinary charges of R $ 45 million related to Avianca,” analysts point out, however, that the improvement in supply / demand dynamics should only occur in the period. early 2020.

CSN (CSNA3)

CSN posted a net loss of R $ 871 million in the third quarter, reversing net income of R $ 752 million for the same period last year. According to the company, the result was impacted by the increase in expenses with monetary and exchange variations.

Itaú BBA highlighted CSN's balance sheet as negative, mainly in the Ebitda line, due to the sequentially weaker performance of the mining division (due to higher freight costs and lower premiums) and the steel business (due to slightly lower prices and higher costs).

According to the document, lower realized iron ore prices (down $ 11 a ton quarter-on-quarter) hurt mining operations, while the steel division continued to feel the pressure of rising cost of goods sold per tonne and negative impacts of blast furnace reform.

Credit Suisse also rated that “the lowest quality premium plus a freight cost advance and the blast furnace shutdown 3 were the third quarter villains.” The institution adds that even with Free Cash Flow ( FCF) positive at R $ 389 million, there was a rise in leverage. “The end of the maintenance of blast furnace 3 should bring some cost reduction, but our biggest concern is the drop in ore prices / quality and advance in freight”, the analysts point out.

Cielo (CIEL3)

Cielo reported another weak quarter, and even worse than expected, with net income falling 52% year-over-year to $ 358 million.

Although the company says short-term profits are not a priority but a gain in market share, net profit came in at 20% below market estimates, XP said.

Itaú BBA pointed out that Cielo's results were weak despite the growth in Total Payments Volume (TPV). In addition to the modest sales performance, analyst Marco Calvi wrote in a report that total costs and expenses increased 15% year-on-year. According to him, along with weaker operating performance, prepayment revenues also fell as a result of falling profits.

Gerdau (GGBR4)

Gerdau posted an EBITDA of R $ 1.219 billion, including the negative impact of R $ 238 million from the Ouro Branco chart, which was 7% below consensus, respectively.

“The main detractors were weaker results in both Brazilian and US operations, while the specialty steel segment reported figures in line with our expectations,” assess Bradesco BBI analysts.

Safe Harbor (PSSA3)

Porto Seguro recorded net income under the business combination criterion – which takes into account the value of all intangible assets (brand, distribution channel) of the partnership with Itaú Unibanco – of R $ 333.3 million in the third quarter. Without business combination, it was R $ 335.2 million, and in both cases the variation points to a 5.3% increase over the same period of 2018.

According to XP, profit of $ 335 million disappointed, coming 5% below market consensus. Annually, the growth was also low: 5%. "Not surprisingly, the insurer has been having difficulty increasing its revenues, but this quarter even the loss ratio of some segments has deteriorated," said the analysis team.

SulAmérica (SULA11)

The insurance company SulAmérica posted a profit of R $ 245 million, 7% below what the market expected in its first result after the sale of its auto and equity division to Allianz.

“Although we understand that volatility in the claims of the health segment is expected, this was the main negative highlight of the result. Nevertheless, the annual comparison could have been worse if the company did not have an easy comparative base on expenses, ”analysts point out.

Finds (RENT3)

Localiza was disappointed even after net income in the third quarter, excluding the effects of IFRS 16, of R $ 205.9 million, an increase of 28.8% over the same period, while consolidated net revenue totaled R $ 2,671. , 1 billion.

Following the company's results, Bradesco BBI maintained the outperform recommendation, but cut the target price from R $ 48 to R $ 46, with a 2% reduction in profit estimates for 2019 and 8% for 2020. Credit Suisse pointed out that the numbers were negative for both car and car rentals. Depreciation costs also increased.

Itaú BBA analyst Renata Faber, in turn, highlighted sequentially solid growth rates, amid a strong basis of comparison – which is positive. On the other hand, there were no substantial positive surprises, with the numbers falling short of estimates.

Car rental revenue increased 34% on rental days, while rates fell 4.2% and Ebitda margin increased 1.1 percentage points to 36.3%. In used cars, Localiza registered pressure on car prices. “Despite the initial negative impact on the company's net profit, Localiza may purchase new cars at lower prices in the future,” said Itaú BBA.

Cosan (CSAN3)

Cosan posted adjusted net income of R $ 460.8 million in the third quarter, up 2.6 times from the same period last year. Without adjustments, profit totaled $ 818.9 million, an increase of 18.6 times.

Ebitda increased 2.3 times and totaled R $ 2.187 billion. Adjusted EBITDA reached R $ 1,563 billion, an increase of 29.7%. Net revenue reached R $ 18.861 billion, an increase of 22.3%.

Profit benefited from a non-recurring gain of R $ 363 million from the sale of credit rights and a gain of R $ 170 million related to the exclusion of ICMS from the PIS / COFINS tax base.

O Bradesco BBI destacou os números piores do que o esperado pelo mercado, com os resultados em combustíveis mais fracos, mas compensados pela boa performance de Comgás, Moove e Raízen Energia, enquanto o lucro líquido ficou 10% abaixo do esperado pelo banco. Já o fluxo de caixa operacional veio forte e o crescimento de Ebitda foram pontos positivos do resultado.

BRF (BRFS3)

A BRF registrou lucro líquido de R$ 445,6 milhões no terceiro trimestre nas operações continuadas e lucro líquido total societário de R$ 304,4 milhões, revertendo prejuízo de R$ 812,4 milhões de igual período do ano passado.

O Ebitda ajustado somou R$ 1,609 bilhão, alta de 178,1%, o que inclui ganho líquido de R$ 467 milhões referente a ações tributárias. Excluindo-se esse ganho, o EBITDA Ajustado totalizaria R$ 1,142 bilhão.

A margem Ebitda ajustada foi de 19,0% no terceiro trimestre, alta de 11,6 p.p.; excluindo-se o ganho líquido das ações tributárias, a margem ajustada seria de 13,5%.

A receita líquida de R$ 8,459 milhões, alta de 8,4%. Apenas no Brasil, a receita líquida subiu 6,3%, a R$ 4,382 bilhões.

A companhia ainda informou que, como resultado da implementação do seu plano de restruturação operacional e financeira e das perspectivas futuras para o mercado de proteínas, atualizou as suas estimativas de alavancagem financeira líquida, representada pela razão entre a dívida líquida e o EBITDA Ajustado dos últimos 12 meses, a qual deverá se situar em torno de 2,75x ao final de 2019. “A BRF reitera o seu compromisso com a recuperação de suas margens operacionais e sua disciplina financeira”, afirmou.

O Itaú BBA avaliou que o Ebitda ficou abaixo das estimativas e o lucro em linha. Segundo o Itaú BBA, a maior parte da decepção com os nossos números ocorreu no segmento corporativo, principalmente relacionado a provisões.

“Por enquanto, mantemos nosso Ebitda na faixa de R$ 5,6 bilhões para 2020, assumindo que as novas plantas permitidas para exportação ajudem a melhorar os resultados”, destacou. “Há mais pressão para que a empresa continue melhorando os resultados nos próximos trimestres”, acrescentou.

A XP, por sua vez, apontou que os resultados foram sólidos, mas abaixo do esperado, com um Ebitda 7% abaixo do esperado pelos analistas e com uma margem Ebitda 116 pontos-base abaixo das expectativas.

MRV (MRVE3)

A empresa de engenharia MRV (MRVE3) registrou lucro líquido de R$ 160 milhões no terceiro trimestre deste ano. A cifra é 8% menor que o valor registrado no mesmo período do ano passado (R$ 174 milhões).

O resultado frustrou as expectativas de analistas consultados pela Bloomberg, que previam lucro líquido de R$ 184,5 milhões para a companhia entre julho e setembro deste ano.

Em relatório, o Credit Suisse destacou que a MRV vem de uma sequência negativa nos resultados há alguns trimestres e, logo após este último balanço, os analistas do banco reduziram a recomendação para underperform (desempenho abaixo da média do mercado), avaliando que o cenário para a companhia não parece trivial.

São quatro pontos os destacados: i) as margens continuam em queda e não há sinais claros de melhora no curto e no médio prazo; ii) a velocidade de vendas não está melhorando; iii) a receita está avançando em um ritmo superior ao de vendas, enquanto o backlog está diminuindo e iv) o nível de produção parece alto, enquanto a queima de caixa aponta para uma necessidade maior de capital de giro.

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