Brazil pulp maker Suzano posts core earnings miss in first quarter

SAO PAULO, May 8 (Reuters) - Suzano SUZB3.SA, one of the largest pulp makers in the world, on Thursday posted first quarter core earnings that were below market expectations, although they were higher when compared to a year earlier.

Core earnings, as measured by adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), stood at 4.87 billion reais ($860.12 million), up 7% but missing the 5.77 billion reais seen by analysts polled by LSEG.

Santander said the adjusted EBITDA miss came from lower-than-expected realized prices and higher-than-expected operation expenses, while JPMorgan said the first-quarter had "a lackluster pulp business performance."

Analysts from both JPMorgan and Santander said they expect a negative market reaction for the shares in the Brazilian company after the results.

Suzano's net income, on the other hand, multiplied to 6.3 billion reais from the 220 million real profit in the same period last year, a result mainly attributed by the company to currency effects.

Net revenue came in at 11.55 billion reais, rising 22% from the year-ago period but also missing the 12.01 billion reais expected by analysts.

($1 = 5.6620 reais)