Somero Enterprises Inc. (DI) (SOM)

Sector:

Engineering

Index:

FTSE AIM All-Share

192.50p
   
  • Change Today:
      1.50p
  • 52 Week High: 390.00
  • 52 Week Low: 185.00
  • Currency: UK Pounds
  • Shares Issued: 56.35m
  • Volume: 43,049
  • Market Cap: £108.47m
  • RiskGrade: 204
  • Beta: 0.08

Somero's first half dampened by record rainfall across the US

By Iain Gilbert

Date: Friday 07 Jun 2019

LONDON (ShareCast) - (Sharecast News) - Manufacturing company Somero Enterprises warned on revenue and earnings on Friday as it said trading in the five months to the end of May was hit by adverse weather conditions across the US.
Somero said record rainfall across the US - its largest market - delayed project starts. In turn, this slowed the pace of equipment purchased by its customers.

Whilst there was an improvement in trading to end the month of May, and although the company expects weather conditions and therefore trading in the US to improve throughout the rest of the year, it does not expect to fully recapture the shortfall caused by the extended period of poor weather.

As a result, Somero warned investors that full-year revenues would come to approximately $87m, while earnings before interest, tax, depreciation and amortisation would hit roughly $28m - down 7.45% and 9%, respectively.

Chief executive Jack Cooney said: "While we are disappointed to revise our outlook for full-year expectations in 2019, caused largely by poor weather in the US, we do not see a fundamental change in our markets and continue to have an optimistic outlook for the business in 2019 and beyond as our customers return to more typical levels of productivity."

Discussing the warning, AJ Bell investment director Russ Mould "Today's setback is a good example of how you need to judge a profit warning on what's caused it and whether it was avoidable.

"The company and its shareholders will be frustrated that earnings and dividends expectations will have to be downgraded, yet Somero has been through these weather problems before and bounced back with confidence."

At 0850 BST, Somero shares were down 18.87% to 288p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SOM Market Data

Currency UK Pounds
Share Price 192.50p
Change Today 1.50p
% Change 0.79 %
52 Week High 390.00
52 Week Low 185.00
Volume 43,049
Shares Issued 56.35m
Market Cap £108.47m
Beta 0.08
RiskGrade 204

SOM Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
74.24% above the market average74.24% above the market average74.24% above the market average74.24% above the market average74.24% above the market average
89.47% above the sector average89.47% above the sector average89.47% above the sector average89.47% above the sector average89.47% above the sector average
Price Trend
77.16% below the market average77.16% below the market average77.16% below the market average77.16% below the market average77.16% below the market average
80.49% below the sector average80.49% below the sector average80.49% below the sector average80.49% below the sector average80.49% below the sector average
Income
96.24% above the market average96.24% above the market average96.24% above the market average96.24% above the market average96.24% above the market average
91.67% above the sector average91.67% above the sector average91.67% above the sector average91.67% above the sector average91.67% above the sector average
Growth
41.37% above the market average41.37% above the market average41.37% above the market average41.37% above the market average41.37% above the market average
Sector averageSector averageSector averageSector averageSector average

What The Brokers Say

Strong Buy 0
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 1
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SOM Dividends

  Latest Previous
  Interim Final
Ex-Div 26-Sep-19 04-Apr-19
Paid 17-Oct-19 26-Apr-19
Amount 5.75¢ 13.50¢

Trades for 11-Nov-2019

Time Volume / Share Price
16:22 50,000 @ 190.00p
16:22 25,000 @ 193.00p
16:19 10,000 @ 195.00p
15:58 2,500 @ 191.95p
15:19 467 @ 190.05p

SOM Key Personnel

CEO Jack Cooney
CFO John Yuncza

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