Magna International Q1 2024 Adj EPS $1.08 Misses $1.25 Estimate, Sales $10.970B Beat $10.953B Estimate
Portfolio Pulse from Benzinga Newsdesk
Magna International (NYSE:MGA) reported Q1 2024 earnings of $1.08 per share, missing the $1.25 estimate, and sales of $10.970B, slightly above the $10.953B estimate. This represents a decrease in earnings and an increase in sales compared to the same period last year.
May 03, 2024 | 9:06 am
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Magna International reported lower-than-expected Q1 2024 earnings at $1.08 per share, missing estimates by 13.6%, but saw a slight increase in sales to $10.970B, beating estimates.
The earnings miss by 13.6% is significant and likely to negatively impact investor sentiment in the short term, despite the slight beat in sales. The decrease in earnings per share compared to the previous year further compounds the negative outlook.
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IMPORTANCE 90
RELEVANCE 100