Magna International FY24 Outlook: Revised Sales Outlook At $42.5B - $44.1B (Prior $42.6B-$44.2B) Vs $43.28B Est, Reiterated Adj. Net Income At $1.5B - $1.7B
Portfolio Pulse from Benzinga Newsdesk
Magna International has revised its FY24 sales outlook to $42.5B - $44.1B from the previous $42.6B - $44.2B, slightly below the $43.28B estimate. The company has reiterated its adjusted net income forecast at $1.5B - $1.7B.
August 02, 2024 | 9:06 am
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Magna International has slightly revised its FY24 sales outlook to $42.5B - $44.1B, which is marginally below the previous range and the $43.28B estimate. The adjusted net income forecast remains unchanged at $1.5B - $1.7B.
The slight revision in the sales outlook is marginal and does not significantly deviate from the previous range or the market estimate. The unchanged net income forecast suggests stability in profitability. Therefore, the short-term impact on the stock price is likely to be neutral.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100