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Brazil's WEG posts Q1 net profit up 38%, in line with forecasts

Reuters
The company logo for Weg is displayed on a screen on the floor of Brazil's B3 Stock Exchange in Sao Paulo

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)