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WEG SA profit misses consensus by 25.5% in Q4

WEG SA said its fourth-quarter normalized net income came to 14 Brazilian centavos per share, compared with the S&P Capital IQ consensus estimate of 19 centavos per share.

EPS fell year over year from 15 centavos.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 223.9 million reais, a decline from 234.3 million reais in the year-earlier period.

The normalized profit margin increased to 9.4% from 8.6% in the year-earlier period.

Total revenue declined 13.1% year over year to 2.38 billion reais from 2.73 billion reais, and total operating expenses fell 15.3% on an annual basis to 2.06 billion reais from 2.44 billion reais.

Reported net income declined 15.8% from the prior-year period to 323.2 million reais, or 20 centavos per share, from 383.9 million reais, or 24 centavos per share.

For the year, the company's normalized net income totaled 49 centavos per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 68 centavos.

EPS declined from 50 centavos in the prior year.

Normalized net income was 793.1 million reais, a decline from 807.5 million reais in the prior year.

Full-year total revenue decreased from the prior-year period to 9.37 billion reais from 9.76 billion reais, and total operating expenses fell on an annual basis to 8.30 billion reais from 8.60 billion reais.

The company said reported net income declined on an annual basis to 1.12 billion reais, or 69 centavos per share, in the full year, from 1.16 billion reais, or 72 centavos per share.

As of Feb. 22, US$1 was equivalent to 3.08 reais.