WEG Shares Fall 7.5% After Sales, Profit Fell in 3Q From 2Q

By Jeffrey T. Lewis

SÃO PAULO--WEG shares fell 7.5% after the Brazilian electric equipment maker reported profit and sales declined in the third quarter from the second.

Shares reached 32.39 reais, the equivalent of $6.48, and were down 9.1% from the end of last year through Tuesday's close. Brazil's benchmark Ibovespa stocks index was down 0.3% in mid-morning trading.

WEG said its sales fell 1.2% in the third quarter from the previous three months, while net income declined 4.1% in the same period. The figures came in slightly under estimates, according to Citi Research analysts Andre Mazini and Hugo Grassi Soares.

Sales grew 2% in the third quarter from the same period of 2022, a big slowdown from the 28% growth the company's revenue registered in the third quarter of last year from a year earlier, the analysts said.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

October 25, 2023 10:18 ET (14:18 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.