Reported 2 days ago
Brazilian motor manufacturer WEG announced a 16.4% year-on-year increase in its first-quarter net profit, reaching 1.54 billion reais ($274 million), but this fell short of market expectations of 1.78 billion reais. The company's shares dropped by over 10% as WEG highlighted global uncertainties impacting demand and warned of macroeconomic challenges. Despite the results being lower than anticipated, WEG expressed confidence in its diversified business model, focusing on long-term prospects amid geopolitical tensions.
Source: YAHOO