SAO PAULO (Reuters) – Brazilian motor maker WEG SA on Wednesday reported a first-quarter net profit of 1.3 billion reais ($257.29 million), up 38.4% from a year earlier and roughly in line with analysts’ forecasts in a Refinitiv poll.
WEG said the quarter was marked by a good performance in its main foreign markets as well as continued good demand in Brazil, especially for long-cycle products – those used in large-sized projects such as transmission lines and wind power.
($1 = 5.0527 reais)
(Reporting by Gabriel Araujo, Editing by Louise Heavens)