Magna International falls after quarterly results miss

Magna International

02/08/2024 15:15

** U.S.-listed shares of auto parts supplier Magna
International  MGA.N  fall 3.6% to $41.45 in early market hours
    ** Co misses analysts' estimates for Q2 results, hurt by
production being stopped for certain vehicles and lower volumes
of automobiles that it assembled
    ** Q2 sales at MGA's complete vehicles unit, which assembles
models for global carmakers, fell 18.6% yoy
    ** Co also lowers 2026 sales forecast range to $44.0
bln-$46.5 bln, from $48.8 bln-$51.2 bln
    ** Q2 adjusted profit of $1.35 per share, below analysts'
estimate of $1.44 per share - LSEG data
    ** Q2 revenue $10.96 bln vs. LSEG estimate of ~$11 bln
    ** Stock down ~30% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))