Brazilian electric utility,
Companhia Energetica de Minas Gerais
) is slated to release its third quarter 2012 results on
Wednesday, November 14. The current Zacks Consensus Estimate for
earnings per share (EPS) is US$1.54 per ADR, roughly flat over
the year-ago quarter.
Second Quarter Recap
Companhia Energetica de Minas Gerais reported quite an impressive
second quarter 2012 financial results on August 14. Net income in
the quarter was R$604.2 million (US$308.3 million), up 15% year
over year. Earnings per ADR came in at US$0.42 per ADR.
Net revenue increased 16% to R$4,413.9 million (US$2,251.9
million), despite a 0.17% dip in electricity sold to 16,907 GWh
at the end of the quarter.
For further details follow the link:
Net Income Rises at CEMIG
CEMIG SA -ADR (CIG): Free Stock Analysis
COPEL-ADR PR B (ELP): Free Stock Analysis
To read this article on Zacks.com click here.
Agreement/Magnitude of Estimate Revisions
In the last 30 days, an upward revision in one of the total three
estimates pushed the Zacks Consensus Estimate up by 0.4% to
US$2.57 per ADR for year 2012 while there was an increase in
estimate for year 2013 by 11.5% to US$1.46 per ADR.
Results in the third quarter 2012 are expected to improve on a
sequential as well as on a year-over-year basis. Demand for
electricity seems to be on the rise as Brazil prepares to host
two major sporting events in the coming years. Also, the
Government seems keen to invest heavily in infrastructure and
power generation capabilities.
Cemig, the fifth largest electricity generator in Brazil,
generates approximately 97% of electricity from hydroelectric
sources. The company competes with
Companhia Paranaense de Energia
), which is expected to release its third quarter financial
results on November 13. The Zacks Consensus Estimate for the
quarter stands at US$0.48 per ADR.