Ambev (ABEV) reported Q1 normalized earnings Tuesday of 0.24 Brazilian real ($0.05) per share, unchanged from a year earlier.

Three analysts polled by FactSet expected 0.22 real.

Net revenue for the quarter ended March 31 was 22.46 billion real, down from 22.50 billion real a year earlier.

Analysts polled by FactSet expected 21.69 billion real.

Shares of the company were down 1% in Tuesday premarket activity.