Somero Enterprises Inc. (DI) (SOM)

Sector:

Engineering

Index:

FTSE AIM 100

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 265.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 425.00
  • 52 Week Low: 252.00
  • Currency: UK Pounds
  • Shares Issued: 56.34m
  • Volume: 0
  • Market Cap: £149.30m
  • RiskGrade: 263

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 265.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 425.00
52 Week Low 252.00
Volume 0
Shares Issued 56.34m
Market Cap £149.30m
RiskGrade 263

SOM Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
34.94% above the market average34.94% above the market average34.94% above the market average34.94% above the market average34.94% above the market average
75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average75.00% above the sector average
Price Trend
60.75% below the market average60.75% below the market average60.75% below the market average60.75% below the market average60.75% below the market average
70.73% below the sector average70.73% below the sector average70.73% below the sector average70.73% below the sector average70.73% below the sector average
Income
87.02% above the market average87.02% above the market average87.02% above the market average87.02% above the market average87.02% above the market average
92.31% above the sector average92.31% above the sector average92.31% above the sector average92.31% above the sector average92.31% above the sector average
Growth
39.09% above the market average39.09% above the market average39.09% above the market average39.09% above the market average39.09% 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
  Final Interim
Ex-Div 04-Apr-19 27-Sep-18
Paid 26-Apr-19 17-Oct-18
Amount 13.50¢ 5.50¢

Trades for --2019

Time Volume / Share Price
0 @ 0.000p

SOM Key Personnel

CEO Jack Cooney
CFO John Yuncza

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