Localiza Shares Rise 7.7% After 3Q Result Beat Expectations
By Jeffrey T. Lewis
SÃO PAULO--Localiza Renta a Car's shares rose 7.7% after the Brazilian car rental company's third-quarter results showed a positive surprise for its bottom line.
Shares reached 59.55 reais, the equivalent of $12.26, and were up 4.2% from the end of last year through Monday's close.
Localiza reported its consolidated revenue rose 19% in the third quarter from a year earlier, with consolidated net income growing 3.1% in the same period.
The figures were marked by smooth operating trends and the higher-than-expected profit, Itaú BBA analyst said in a research note. Those factors, plus a solid performance by Localiza's fleet-management unit are positive for its share price, the analysts said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
November 14, 2023 10:03 ET (15:03 GMT)
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