Magna (MGA) Stock Down 4% Since Q1 Earnings & Sales Miss

Shares of Magna International (MGA) have declined 4.2% since the company reported first-quarter 2024 results.  The auto equipment provider reported adjusted earnings of $1.08 per share, which declined from the year-ago quarter’s$1.11 per share and also missed the Zacks Consensus Estimate of 1.28. The underperformance is attributed to lower-than-expected adjusted EBIT from Body Exteriors & Structures and Power & Vision segments.Net sales increased 2.7% from the prior-year quarter to 10.97 billion but fell ...