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WEG SA profit misses consensus by 28.2% in Q2

WEG SA said its second-quarter normalized net income came to 13 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 18 centavos per share.

EPS rose 14.5% year over year from 11 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 202.7 million reais, a gain of 14.5% from 177.1 million reais in the year-earlier period.

The normalized profit margin declined to 8.6% from 9.7% in the year-earlier period.

Total revenue grew 29.0% on an annual basis to 2.35 billion reais from 1.82 billion reais, and total operating expenses rose 32.1% year over year to 2.07 billion reais from 1.57 billion reais.

Reported net income increased 14.4% on an annual basis to 260.9 million reais, or 16 centavos per share, from 228.0 million reais, or 14 centavos per share.

As of July 29, US$1 was equivalent to 3.34 reais.