Cosan SA's stock fell 5.15% in pre-market trading following the release of disappointing first-quarter earnings results that significantly missed analyst expectations.

The Brazilian conglomerate reported an adjusted loss of R$1.60 per share for the quarter ended March 31, far worse than the R$0.01 per share profit analysts had forecast. Revenue also declined 6.6% year-over-year to R$9.03 billion, missing the R$40.66 billion consensus estimate by a substantial margin.

Analyst sentiment had already been deteriorating before the earnings release, with mean earnings estimates falling approximately 97.2% over the past three months and at least one analyst negatively revising estimates in the last 30 days. The company's shares had already declined 10.4% during the quarter prior to this pre-market movement.