Marcopolo shares fell more than 9% at their worst on Friday, after the bus body maker reported an operating result measured by EBITDA of R$419.8 million in the third quarter, a decline of 9.9% compared to the previous year’s performance and below analysts’ forecasts.
The company said it expects deliveries “at a rapid pace” in October and November, in the context of the seasonality of the group’s activities, but a slowdown in December due to the likely collective holidays of chassis manufacturers. These closures are expected to extend into early January, he added.
Around 11:10 am the stock fell 7.37% to R$8.17, leading the losses of Ibovespa, which rose 0.15%. At its worst, shares hit R$7.98, their intraday low since late July, a decline of 9.5%.
According to XP analysts, Marcopolo’s balance sheet shows good profitability, revenues of R$2.5 billion, despite an increase of 8.2% year-on-year, are lower than market forecasts.
“Looking ahead, while we continue to expect good operating performance, we believe the lower-than-expected revenue… raises investor concerns about a possible downturn in the cycle,” they added in a report to clients.
Source: Terra
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