Magna Q2 Earnings Top Estimates Aided By Higher Global Light Vehicle Production; Raises Guidance
Portfolio Pulse from Shivani Kumaresan
Magna International Inc (NYSE:MGA) reported Q2 FY23 sales growth of 17.3% YoY to $10.98 billion, beating the analyst consensus of $10.20 billion. The company's Board declared a Q2 dividend of $0.46 per share. Magna raised its FY23 sales outlook from $40.2 billion-$41.8 billion to $41.9 billion-$43.5 billion. MGA shares are trading higher by 1.49% at $64.00 in premarket on Friday.
August 04, 2023 | 3:13 pm
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Magna International's Q2 FY23 sales exceeded expectations, leading to a premarket increase in MGA shares. The company also raised its FY23 sales outlook.
Magna International's Q2 FY23 sales growth of 17.3% YoY to $10.98 billion exceeded the analyst consensus of $10.20 billion. This positive earnings report, coupled with the company's raised FY23 sales outlook, has led to a premarket increase in MGA shares. This news is highly relevant and important for MGA investors, leading to a positive short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100