Brazil's Ambev beats Q3 profit forecasts, announces share buyback

Dow Jones Industrial Average +0.48%
VictoryShares Pioneer Asset-Based Income ETF -0.02% Post
S&P 500 index +0.72%
NASDAQ +1.16%

Dow Jones Industrial Average

DJI

46565.74

+0.48%

VictoryShares Pioneer Asset-Based Income ETF

ABI

24.84

24.84

-0.02%

0.00% Post

S&P 500 index

SPX

6575.32

+0.72%

NASDAQ

IXIC

21840.95

+1.16%

Oct 30 (Reuters) - Brazilian brewer Ambev ABEV3.SA posted on Thursday a third-quarter net profit of 4.86 billion reais ($899.35 million), up 36.4% from a year earlier and above the 3.19 billion reais expected by analysts polled by LSEG.

The company also said in a securities filing its board of directors approved a new share buyback program, aiming to purchase up to 208 million shares - or about 2.5 billion reais, based on its Wednesday closing price - within 18 months.


($1 = 5.4039 reais)


(Reporting by Tiago Brandao; Writing by Isabel Teles; Editing by Gabriel Araujo)

((Isabel.Teles@thomsonreuters.com;))

This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.