Magna: Q2 Earnings Snapshot
By AP News
Published - Aug 02, 2024, 06:27 AM ET
Last Updated - Aug 02, 2024, 06:27 AM EDT
AURORA, Ontario (AP) — AURORA, Ontario (AP) — Magna International Inc. (MGA) on Friday reported second-quarter net income of $313 million.
On a per-share basis, the Aurora, Ontario-based company said it had net income of $1.09. Earnings, adjusted for non-recurring costs, came to $1.35 per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.46 per share.
The automotive supply company posted revenue of $10.96 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $11.11 billion.
