11th Jul 2019 13:37
(Alliance News) - Somero Enterprises Inc on Thursday reiterated its last week's forecast that US rainfall would cause revenue to fall year-on-year.
The floor-laying machinery manufacturer anticipates to record revenue of USD87.0 million for 2019, short of the USD94.0 million it achieved in 2018. It expects earnings before interest, taxes, depreciation and amortisation of USD28.0 million, down from USD30.8 million delivered in 2018.
Somero blamed rainfall for the slow sales during March and April usually months where the company performs strongly.
Last week Somero said: "Broad sections of the US experienced the highest levels of rainfall on record. The record rainfall seen in the US has delayed project starts which in turn has slowed the pace of equipment purchased by our customers, the impact of which was seen through historically strong trading months of March and April."
The company will announce trading results for the first half of 2019 on September 4.
Shares in Somero fell 1.7% at 285.00 pence in London on Thursday afternoon.
Related Shares:
Somero