Brazil's Gerdau posts Q1 net income up 9.4%
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SAO PAULO, May 3 (Reuters) - Brazilian steelmaker Gerdau SA on Wednesday reported a first quarter net profit of 3.2 billion reais ($635.08 million), up 9.4% year-on-year and ahead of analysts' estimates of 2.12 billion in a Refinitiv poll.
The company posted an adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of 4.3 billion reais, its second-largest ever for a first quarter, saying that was driven by "improved volumes and lower costs despite a challenging start to the year".
($1 = 5.0387 reais) (Reporting by Alberto Alerigi Jr.; Editing by Steven Grattan)
