April 26, 2017 / 9:52 PM / 7 months ago

Brazil's Estácio misses profit estimates in first quarter

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

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