Auto Parts Manufacturer Magna Shares Slide On Q2 Earnings Miss, Outlook Cut: Details
Portfolio Pulse from Nabaparna Bhattacharya
Magna International (NYSE:MGA) shares fell after the company reported Q2 earnings that missed expectations and revised its FY24 sales outlook downward. The company cited lower vehicle assembly volumes and currency impacts as reasons for the miss. Despite the lower sales forecast, Magna expects margin expansion and strong free cash flow growth.
August 02, 2024 | 3:21 pm
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Magna International reported Q2 earnings that missed analyst expectations, leading to a 6.67% drop in share price. The company also revised its FY24 sales outlook downward, citing lower vehicle assembly volumes and currency impacts.
The earnings miss and downward revision of the sales outlook are significant negative factors that have already led to a 6.67% drop in MGA's share price. The company's challenges with lower vehicle assembly volumes and currency impacts further contribute to the negative sentiment.
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IMPORTANCE 90
RELEVANCE 100