Brazil's Gerdau second-quarter profit tops expectations
RIO DE JANEIRO, July 30 (Reuters) - Brazil's Gerdau SA posted a slight decline in second-quarter profit but beat analysts' expectations as the steelmaker's strong U.S. exposure offset weakness from a faltering Brazilian economy.
Gerdau, the largest long steel producer in the Americas, reported net income of 393 million reais ($176 million) on revenue of 10.4 billion reais. Net income was down 2.5 percent from the same period last year but ahead of analysts' target of 386.75 million reais in a Reuters poll. ($1 = 2.23 Brazilian reais) (Reporting by Stephen Eisenhammer; Editing by Jeffrey Benkoe)
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