Hapvida Shares Rise 9.2% After 1Q Results Beat Expectations

By Jeffrey T. Lewis

SÃO PAULO-- Hapvida Participações e Investimentos' shares rose after the Brazilian hospital and clinic operator's first-quarter results topped estimates.

The stock rose 9.2% to 3.44 reais, the equivalent of 70 cents, and were down 38% from the end of last year through Monday's close. Brazil's benchmark Ibovespa stocks index was up 0.2% in mid-afternoon trading.

Hapvida said Monday after the close that net revenue rose 13% from the first quarter of 2022, while adjusted net income declined 6.3% in the same period.

Analysts at Itaú BBA said the company's adjusted earnings before interest, taxes, depreciation and amortization came in 19% higher than their estimates. Hapvida also delivered solid improvement in both working capital and capital spending, and didn't book any non-recurring items for expenses for the first time in a few quarters, Itaú BBA said.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

May 16, 2023 13:39 ET (17:39 GMT)

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