17th Jun 2025 10:29
(Alliance News) - Somero Enterprises Inc on Tuesday said it is on track to meet the targets for 2025 that it had revised lower in April, amid a "challenging" US market.
The Fort Myers, Florida-based manufacturer of laser-guided building machinery said annual revenue, profit and cash generation are expected to meet guidance.
Back in April, Somero lowered its revenue target for 2025 to USD105.0 million from the previous market consensus of USD113.6 million and down 3.8% from USD109.2 million in 2024. Earnings before interest, tax, depreciation and amortisation was expected to be around GBP24.0 million, compared to a prior consensus estimate of USD28.6 million. Adjusted Ebitda in 2024 was USD27.7 million.
The company attributed its lower expectations to a "challenging selling environment in the US, where elevated interest rates remain the primary factor causing project delays and pauses, alongside broader macroeconomic pressures".
Market conditions since the guidance update remain "broadly unchanged", Somero said, and are expected to continue as such in the second-half of 2025.
"Non-residential construction activity remains steady, underpinned by strong bidding levels and healthy project backlogs, although projects and capital investment decisions continue to be affected by broader economic uncertainty."
Still, Somero hopes second-half performance will "benefit from a seasonal trading uplift and contributions from new products".
It will provide more details of first-half trading in July, it said.
The company's shares were down 0.7% at 254.40 pence on Tuesday morning in London.
By Holly Munks, Alliance News reporter
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