From Nasdaq: 2024-11-15 10:54:00

Shares of Magna International (MGA) increased by 11.7% after reporting Q3 2024 results. Adjusted earnings per share were $1.28, lower than last year’s $1.46 and missed estimates. Net sales dropped 3.8% to $10.3 billion, below the expected $10.6 billion.

Segment-wise, Body Exteriors & Structures revenue was down to $4.04 billion, while Power & Vision revenue increased to $3.84 billion. Seating Systems revenue decreased to $1.38 billion, and Complete Vehicles revenue dropped to $1.16 billion.

In terms of financials, Magna had $1.06 billion in cash, long-term debt of $4.91 billion, and cash provided from operations at $727 million. The company declared a dividend of 47.5 cents per share for Q3.

Magna revised its 2024 outlook, expecting revenues between $42.2-$43.2 billion, adjusted EBIT margin of 5.4-5.5%, adjusted net income of $1.45-$1.55 billion, and capex of $2.2-$2.3 billion.

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Read more at Nasdaq: Magna Shares Rise 12% Since Q3 Earnings Miss Expectations