Auto parts maker Magna International Inc's profit missed estimates for the first time in five quarters, and the Canadian company warned that a proposed border tax by the United States could hurt the automobile industry. The company's shares were down 5.7 percent at C$55.47 on the Toronto Stock Exchange on Friday, while its U.S-listed stock was down 5.8 percent at $42.55. U.S. House Republicans are pushing for the border adjustment tax as a way to boost U.S. manufacturing and pay for corporate tax cuts.
North America’s largest auto parts maker said a border adjustment tax being studied by President Donald Trump would probably hurt the automobile industry, while also increasing the odds that future factories will be located in the U.S. Canada’s Magna International Inc. said the growth of “protectionist sentiments” could hurt its operations and profitability, according to a company statement Friday. The manufacturer is closely watching a potential tax overhaul in the U.S., Chief Executive Don Walker said on a conference call with analysts and investors.
Canadian auto parts maker Magna International Inc posted an 8 percent rise in fourth-quarter sales due to higher demand. The company's total sales rose to $9.25 billion in the three months ended Dec. 31 ...
MGA : Summary for Magna International, Inc. - Yahoo Finance
Magna International Inc. (MGA)
NYSE - NYSE Delayed Price. Currency in USD
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|Bid||43.00 x 100|
|Ask||43.79 x 100|
|Day's Range||42.26 - 43.64|
|52 Week Range||32.76 - 47.21|
Trade prices are not sourced from all markets
|PE Ratio (TTM)||8.46|
|Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|