Wellington Drive downgrades 2017 guidance on weaker Q3, maintains 2018 profit forecast

Thu, 16 Nov 2017

By Sophie Boot Nov. 17 (BusinessDesk) - Wellington Drive Technologies, which makes energy efficient motors for commercial refrigerators, widened its loss in the third quarter and downgraded its 2017 earnings guidance on slower customer demand, though it's still forecasting its first net profit for the 2018 financial year. The Auckland-based company lifted revenue 24 percent to $7.8 million in the three months to Sept. 30, but the net loss widened to $1.5 million from $1 million a year earlier. The company said it had sold more product to...

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