Magna International Updated FY23 Revenue Expectation To $42.1B-$43.1B (Prior $41.9B-$43.5B) Vs Consensus Of $42.47B
Portfolio Pulse from Benzinga Newsdesk
Magna International has updated its FY23 revenue expectation to $42.1B-$43.1B, a slight decrease from the previous range of $41.9B-$43.5B. The consensus estimate was $42.47B. The company also provided updates on segment sales, adjusted EBIT margin, equity income, interest expense, income tax rate, adjusted net income, and capital spending.
November 03, 2023 | 9:15 am
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Magna International's revised FY23 revenue forecast is slightly lower than the previous range but still within the consensus estimate. This could indicate a cautious outlook but is unlikely to significantly impact the stock price in the short term.
The revised revenue forecast is a slight decrease from the previous range, but it is still within the consensus estimate. This suggests that while the company may be slightly more cautious in its outlook, it is not expecting a significant deviation from what analysts are predicting. Therefore, this news is unlikely to have a significant impact on the stock price in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100