Magna International Inc. (MGA) is facing challenges from lower-than-anticipated vehicle production in Europe, cancellation of programs, discontinued production of Fisker Ocean and hefty investment in technologically advanced products. Let's find out why this Zacks Rank #4 (Sell) stock should be avoided. Magna has made a downward revision in its 2024 & 2026 sales and adjusted EBIT margin outlook. Lower-thananticipated vehicle production in Europe and ceased production of the Fisker Ocean are expected to act ...

Shares of Magna International (MGA) have lost 7.9% since the company reported second-quarter 2024 results. The auto equipment provider reported adjusted earnings of $1.35 per share, which declined from the year-ago quarter's $1.50 and missed the Zacks Consensus Estimate of $1.46. Net sales remained flat year over year at $11 billion and missed the Zacks Consensus Estimate of $11.11 billion. Segmental Performance The Body Exteriors & Structures segment's revenues were $4.47 billion, down 2% year over year. T ...

Magna International Inc. (NYSE:MGA) Q2 2024 Earnings Conference Call August 2, 2024 8:00 AM ET Company Participants Swamy Kotagiri - Chief Executive Officer Patrick McCann - Executive Vice President, Chief Financial Officer Louis Tonelli - Vice President, Investor Relations Conference Call Participants John Murphy - Bank of America Adam Jonas - Morgan Stanley Tamy Chen - BMO Capital Markets Dan Levy - Barclays James Picariello - BNP Paribas Mark Delaney - Goldman Sachs Itay Michaeli - Citi Brian Morrison - ...

Magna (MGA) reported $10.96 billion in revenue for the quarter ended June 2024, representing a year-overyear decline of 0.2%. EPS of $1.35 for the same period compares to $1.50 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $11.11 billion, representing a surprise of -1.36%. The company delivered an EPS surprise of -7.53%, with the consensus EPS estimate being $1.46. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they ...

Magna (MGA) came out with quarterly earnings of $1.35 per share, missing the Zacks Consensus Estimate of $1.46 per share. This compares to earnings of $1.50 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -7.53%. A quarter ago, it was expected that this automotive supply company would post earnings of $1.28 per share when it actually produced earnings of $1.08, delivering a surprise of -15.63%. Over the last four quarters, the ...

Sales of $11.0 billion were level with Q2, 2023, compared to a 2% increase in global light vehicle production Diluted earnings per share and Adjusted diluted earnings per share were $1.09 and $1.35, respectively Paid dividends of $134 million 2024 outlook for Total Sales largely unchanged, Adjusted EBIT Margin range narrowed to 5.4% to 5.8% AURORA, Ontario, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the second quarter ended June 30, 2 ...

Sales of $11.0 billion were level with Q2, 2023, compared to a 2% increase in global light vehicle production Diluted earnings per share and Adjusted diluted earnings per share were $1.09 and $1.35, respectively Paid dividends of $134 million 2024 outlook for Total Sales largely unchanged, Adjusted EBIT Margin range narrowed to 5.4% to 5.8% AURORA, Ontario, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the second quarter ended June 30, 2 ...

Analysts on Wall Street project that Magna (MGA) will announce quarterly earnings of $1.54 per share in its forthcoming report, representing an increase of 2.7% year over year. Revenues are projected to reach $11.12 billion, increasing 1.3% from the same quarter last year. Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock ...

The market expects Magna (MGA) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price c ...

MAGNA INTERNATIONAL INC. SECOND QUARTER 2024 RESULTS WEBCAST LIVE AUDIO WEBCAST Webcast registration: https://events.q4inc.com/attendee/760182349 Participant Toll-Free Dial-In: 1-800-715-9871 Participant Toll Dial-In: 1-646-307-1963 Conference ID: 9829976 REBROADCAST INFORMATION Replay available 2 hours after the call until August 9, 2024 INVESTOR CONTACT Louis Tonelli, Vice-President, Investor Relations louis.tonelli@magna.com 905-726-7035 AURORA, Ontario, July 02, 2024 (GLOBE NEWSWIRE) -- Magna Internatio ...