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WEG SA Q1 profit climbs 15.6% YOY

WEG SA said its first-quarter normalized net income came to 12 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 12 centavos per share.

EPS climbed 15.6% year over year from 10 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 192.9 million reais, a gain of 15.6% from 166.9 million reais in the year-earlier period.

The normalized profit margin declined to 9.1% from 9.4% in the year-earlier period.

Total revenue grew 19.4% year over year to 2.13 billion reais from 1.78 billion reais, and total operating expenses rose 20.4% from the prior-year period to 1.86 billion reais from 1.54 billion reais.

Reported net income rose 20.0% from the prior-year period to 245.9 million reais, or 15 centavos per share, from 204.8 million reais, or 13 centavos per share.

As of April 29, US$1 was equivalent to 2.94 reais.