Magna International FY24 Outlook: Revised Sales Outlook At $42.2B-$43.2B (Prior $42.5B-$44.1B) Vs $42.79B Est, Adj. Net Income At $1.45B-$1.55B (Prior $1.5B-$1.7B)
Portfolio Pulse from Benzinga Newsdesk
Magna International has revised its FY24 sales outlook to $42.2B-$43.2B from the previous $42.5B-$44.1B, with adjusted net income now expected at $1.45B-$1.55B, down from $1.5B-$1.7B. The company has also adjusted its segment sales and EBIT margin expectations.
November 01, 2024 | 9:04 am
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Magna International has lowered its FY24 sales and adjusted net income outlook, indicating potential challenges in the automotive market. The revised outlook reflects changes in segment sales and EBIT margin expectations.
The downward revision in sales and adjusted net income suggests potential challenges in the automotive market, which could negatively impact investor sentiment and short-term stock performance. The adjustments in segment sales and EBIT margin further indicate a cautious outlook.
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