Magna raises annual profit target on improved auto parts demand from new launches

Magna International

31/07/2026 10:31

July 31 (Reuters) - Magna International MG.TO raised its annual profit forecast following a second-quarter earnings beat on Friday, betting on improving demand from a stream of new launches.
The Canadian auto parts supplier is among the world's largest component manufacturers, selling everything from mirrors and headlights, to chassis and advance driver assistance systems.
Here are some more details:
While many automakers have scaled back on their electrification programs as global demand mellows, Magna said it was aided by the new launches, which helped offset lower global light vehicle production.
Magna now expects 2026 adjusted profit to range between $6.70 and $7.30 per share, compared to an earlier projection of $6.25 to $7.25 per share.
The mid point of the new range is above analysts' expectation of a $6.73 adjusted profit per share, according to data compiled by LSEG.
Magna reported an adjusted profit of $1.86 per share in the quarter to June 30, up from $1.44 a year before and above analysts' expectation of a $1.50 profit per share, according to data compiled by LSEG.
Quarterly sales, meanwhile, grew 3.3% to $10.98 billion.
The company, however, lowered its annual sales target to a range of $41.3 billion to $42.5 billion from $41.5 billion to $43.1 billion it had previously forecast.
     
     

 (Reporting by Nandan Mandayam in Bengaluru; Editing by Nivedita Bhattacharjee)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))