Third quarter analysis reveals adverse scenario for Sabesp, Renner and BMG

The third quarter corporate earnings season brings a challenging outlook for companies from different sectors, according to data released by InfoMoney. Among the highlights, Sabesp (SBSP3) reported a regulated net gain of R$1.107 billion, showing an annual decline of 13.8%. According to InfoMoney, the sanitation company's result was influenced by the 74% increase in net financial expenses, which reached R$1.31 billion, in addition to comparisons with the impact of an extraordinary credit of R$1.5 billion in court orders in the third quarter of the previous year.

In the consumer and retail sector, the scenario showed important divergences. According to InfoMoney, the Panvel Group (PNVL3) presented a positive performance with an adjusted accounting gain of R$46.4 million, growing 35.4% compared to the previous twelve months, supported by an adjusted Ebitda of R$96.8 million and gross retail revenue of R$1.7 billion. In contrast, InfoMoney pointed out that Lojas Renner (LREN3) had a net profit of R$246.4 million, a drop of 11.8% in the year, with the corrected gain going from 24.5 to R$187.1 million, accompanied by a 1.6% drop in net retail revenue and a 2.5% drop in same-store sales.

In the financial segment, Banco Bmg (BMGB4) also reported lower numbers, according to InfoMoney. The financial institution recorded gains of R$141 million in the third quarter, down 4.7% on an annual basis, with the return on average equity (ROAE) falling to 13.6% compared to 16.6% a year earlier. InfoMoney also reported that the bank's financial margin totaled R$1.56 billion, an increase of almost 16%, while the credit portfolio ended September at R$23 billion, below the R$23.5 billion recorded in the same period of the previous cycle.

What changes for the investor

The release of these balance sheets reinforces the need for caution and rigorous analysis of microeconomic fundamentals in an environment of high interest rates. The increase in financial expenses in infrastructure companies and the slowdown in retail and credit indicators highlight the impact of the cost of capital and inflation on the margins and profitability of listed corporations.

Automatically translated from Portuguese.