Shares of Companhia de Saneamento Basico do Estado de Sao Paulo, also known as Sabesp (SBS), are soaring 5.02% in intraday trading on Tuesday. The surge comes on the heels of the company's impressive fourth-quarter earnings report released on Monday after market close.
The Sao Paulo-based waste management company reported robust financial results for both the fourth quarter and the full year. In Q4, Sabesp posted earnings of $245.6 million, translating to 36 cents per share. Adjusted for non-recurring costs, earnings stood at 49 cents per share. The company's revenue for the quarter reached $1.34 billion, showcasing strong operational performance.
For the full year, Sabesp's financial achievements were even more noteworthy. The company reported an annual profit of $1.78 billion, or $2.60 per share, with total revenue amounting to $6.7 billion. These solid financial results appear to have bolstered investor confidence, driving the stock's significant upward movement in today's trading session. The market's positive reaction suggests that Sabesp's performance has exceeded expectations, potentially positioning the company for continued growth in the coming quarters.
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