Brazilian industrial manufacturer WEG reported a net income of R$1.69 billion ($282 million) in the fourth quarter of 2024, a 2.9% decline compared to the same period in 2023.
However, the company’s net operating revenue surged 26.4% year-on-year to R$10.8 billion ($1.8 billion), driven by strong domestic and international performance.
For the full year, WEG posted a net revenue of R$37.9 billion ($6.3 billion), up 16.9% from 2023, while annual net income grew 5.4%, reaching R$6 billion ($1 billion).
The company’s EBITDA rose significantly in Q4 to R$2.38 billion ($397 million), a 30.5% increase from the prior year, improving its EBITDA margin to 22.1%.
This growth was fueled by robust demand across energy transmission, distribution, and industrial equipment sectors. In Brazil, WEG capitalized on long-cycle equipment sales and large-scale solar generation projects, offsetting a slowdown in wind energy deliveries.
Internationally, North America’s transmission and distribution projects and Europe’s energy generation initiatives drove revenue growth, supported by acquisitions like Marathon, Rotor, and Cemp, which expanded WEG’s product portfolio and market reach.
Leadership changes marked a pivotal moment for WEG in 2024, with Alberto Kuba taking over as CEO in April after Harry Schmelzer Jr.’s 16-year tenure. Under Kuba’s leadership, the company aims to strengthen its global footprint and align with trends like electrification and sustainability.
WEG also made headlines by surpassing Ambev to become the fourth most valuable company on Brazil’s B3 stock exchange in 2024. To reward shareholders, it approved R$1.27 billion ($212 million) in dividends for March 2025 payouts.
With strong financials and strategic positioning in high-growth sectors, WEG underscores its resilience and potential to capitalize on global industrial trends while expanding its leadership in sustainable innovation.