By Jeffrey T. Lewis
SÃO PAULO–Dexco’s shares were 6.1% lower after the Brazilian building materials maker reported a sharp drop in revenue and sales volumes.
Shares reached 7.09 reais, the equivalent of $1.45, and were up 11% from the end of last year through Tuesday’s close. Meanwhile, Brazil’s benchmark Ibovespa stocks index was up 0.4% in mid-morning trading.
Dexco’s net revenue were down 18% in the third quarter from a year earlier. The company posted a 23% drop in sales of bathroom fixtures in the period, an 18% drop in sales of ceramic tiles and an 8.5% decline in wood panel sales.
Dexco reported net income almost doubled in the quarter, but fell by 42% after excluding one-time items.
Write to Jeffrey T. Lewis at [email protected]
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