Ambev Shares Rise 3.8% After Positive 3Q Results
By Jeffrey T. Lewis
SÃO PAULO--Ambev's shares were 3.8% higher after the Brazil-based brewer's earnings report for the third quarter showed profit increased despite lower sales.
Shares reached 12.83 reais, the equivalent of $2.54, and were down 15% from the end of last year through Monday's close. Brazil's benchmark Ibovespa stocks index was up 0.1% in mid-morning trading.
Ambev posted net income of BRL4.0 billion from BRL3.2 billion a year earlier, while sales fell to BRL20.3 billion from BRL20.6 billion a year earlier. Profit was helped by lower commodities costs, especially for aluminum, Ambev said.
Ambev's results showed a continuing recovery of the Brazil-based brewer's margins, said XP Investimentos analysts Leonardo Alencar and Pedro Fonseca in a research note. The Brazil beer market was the highlight of the earnings report, led by sales growth for the company's premium brands, XP said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
October 31, 2023 10:16 ET (14:16 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
These Stocks Are (Still) Powering the Bull Market
-
5 Undervalued Energy Stocks to Play the AI Data Center Demand Boom
-
After Earnings, Is Lowe’s Stock a Buy, Sell, or Fairly Valued?
-
5 Stocks With the Largest Fair Value Estimate Cuts After Q1 Earnings
-
10 Stocks With the Largest Fair Value Estimate Increases After Q1 Earnings
-
Markets Brief: Inflation Back in the Spotlight
-
AI Is Booming, but Consumer Spending Is Slowing. Which Will Prevail in the Stock Market?
-
What’s Happening In the Markets This Week
-
3 Dividend Stocks for June 2024
-
After Earnings, Is Alibaba Stock a Buy, Sell, or Fairly Valued?
-
MongoDB Earnings: Slashing Valuation as Execution and Macro to Blame for Lower Guidance
-
Marvell Earnings: We Raise Our Medium-Term AI Forecast and Bring Our Valuation Up to $75
-
Zscaler Earnings: Impressive Traction in Emerging Products Drives Sales Growth for the Quarter
-
Dell Earnings: Raising Valuation on Strong AI, but the Stock Remains Severely Overvalued
-
After Earnings, Is Nvidia Stock a Buy, Sell, or Fairly Valued?
-
The 10 Best Companies to Invest in Now