BRASILIA, May 9 (Reuters) - Brazilian steelmaker Gerdau SA swung to an adjusted net profit of 451 million reais ($127 million) in the first quarter, from a 34.1 million reais loss the year before, according to a securities filing on Wednesday.
Net income adjusted for one-time effects beat a Thomson Reuters estimate of 387 million reais.
Adjusted earnings before interest, taxes, depreciation and amortization, a gauge of operating profit known as adjusted EBITDA, rose 74 percent to 1.484 billion reais, slightly above an estimate of 1.406 billion reais.
Gerdau maintained its intention to invest 1.2 billion reais in 2018, up from 873 million reais in 2017.
$1 = 3.56 reais Reporting by Bruno Federowski; Editing by Steve Orlofsky