Why Auto Parts Supplier Magna International's Shares Are Surging Today
Portfolio Pulse from Nabaparna Bhattacharya
Auto parts supplier Magna International, Inc. (NYSE:MGA) reported a 15% YoY sales growth in Q3 FY23, beating analyst consensus. Adjusted EPS and EBIT also surpassed expectations. The company saw increased production in North America and Europe, but a decrease in China. Magna revised its FY23 sales outlook and raised its adjusted EBIT margin outlook. MGA shares are trading 14.6% higher.
November 03, 2023 | 2:30 pm
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Magna International reported strong Q3 results, beating analyst expectations. The company also raised its FY23 outlook, leading to a surge in its stock price.
Magna International reported strong Q3 results, with sales growth of 15% YoY, beating the analyst consensus. The company also raised its FY23 sales and EBIT margin outlook. These positive financial results and optimistic outlook have led to a surge in the company's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100