BRASILIA (Reuters) - Estácio Participações SA (ESTC3.SA), Brazil’s No. 2 for-profit education company, on Wednesday missed profit estimates in the first quarter after higher interest and financial expenses, including depreciation, partially offset stronger operational results.
Rio de Janeiro-based Estácio, which is being acquired by larger rival Kroton Educacional SA (KROT3.SA), posted net income of 121.8 million reais ($38.40 million) last quarter, down 4.8 percent from the same period a year ago. The number came in below the consensus estimate of 141.82 million reais compiled by Thomson Reuters.
Earnings before interest, tax, depreciation and amortization, a gauge of operational profit known as EBITDA, rose 9 percent to 214.8 million reais, above a consensus estimate of 201 million reais for the first quarter.
Reporting by Gabriela Mello; Writing by Alonso Soto; Editing by Jonathan Oatis and Matthew Lewis