Magna: Q2 Earnings Snapshot
AURORA, Ontario (AP) — AURORA, Ontario (AP) — Magna International Inc. (MGA) on Friday reported second-quarter profit of $339 million.
On a per-share basis, the Aurora, Ontario-based company said it had net income of $1.18. Earnings, adjusted for non-recurring costs and pretax expenses, came to $1.50 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
The automotive supply company posted revenue of $10.98 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $10.2 billion.
Magna expects full-year revenue in the range of $41.9 billion to $43.5 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGA at https://www.zacks.com/ap/MGA
