Magna International Raised FY23 Revenue to $41.9B-$43.5B (Prior $40.2B-$41.8B) Vs $41.74B Est
Portfolio Pulse from Benzinga Newsdesk
Magna International has revised its FY23 revenue forecast to $40.2B-$41.8B, down from the previous estimate of $41.9B-$43.5B. The company's segment sales for Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles have all been adjusted upwards. However, the adjusted EBIT margin, equity income, and adjusted net income attributable to Magna have been slightly reduced.
August 04, 2023 | 2:56 pm
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NEUTRAL IMPACT
Magna International's lowered revenue forecast for FY23 could potentially impact investor sentiment and the company's stock price. However, the upward revision of segment sales might offset some of the negative impact.
The lowered revenue forecast could potentially lead to a negative sentiment among investors, which might put downward pressure on the stock price. However, the upward revision of segment sales indicates that the company's core business segments are performing well, which might offset some of the negative impact.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100