By Jeffrey T. LewisSÃO PAULO--Localiza Renta a Car's shares rose 7.7% after the Brazilian car rental company's third-quarter results showed a positive surprise for its bottom line. Shares reached 59.55 reais, the equivalent of $12.26, and were up 4.2% from the end of last year through Monday's close. Localiza reported its consolidated revenue rose 19% in the third quarter from a year earlier, with consolidated net income growing 3.1% in the same period. The figures were marked by smooth operating trends and the higher-than-expected profit, Itaú BBA analyst said in a research note. Those factors, plus a solid performance by Localiza's fleet-management unit are positive for its share price, the analysts said.

Source: Wall Street Journal November 15, 2023 04:29 UTC