CORRECTION: 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 upwards to $41.9B-$43.5B from the previous estimate of $40.2B-$41.8B. The new estimate surpasses the consensus estimate of $41.74B. The company also increased its projections for segment sales across Body Exteriors & Structures, Power & Vision, Seating Systems, and Complete Vehicles. Adjusted EBIT Margin, Equity Income, and Adjusted Net Income attributable to Magna are also expected to rise.
August 04, 2023 | 2:58 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Magna International's upward revision of its FY23 revenue forecast is likely to be viewed positively by investors. The new estimate not only surpasses the previous forecast but also the consensus estimate. This, along with increased projections for segment sales and income, could potentially boost the company's stock in the short term.
Companies that raise their revenue and income forecasts are often viewed favorably by investors as it indicates strong business performance and growth prospects. This could lead to increased buying activity, pushing the stock price up.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100