Magna International Misses On Q3 Earnings, Plans To Resume Buybacks From Q4
Portfolio Pulse from Nabaparna Bhattacharya
Magna International (NYSE:MGA) reported Q3 earnings that missed expectations, with adjusted EPS at $1.28 versus the expected $1.41, and sales of $10.28 billion, down 4%. Despite this, MGA shares rose 7.30% premarket as the company plans to resume share buybacks in Q4. The FY24 sales outlook was revised down, and adjusted net income outlook decreased. A dividend of $0.475 per share was declared.
November 01, 2024 | 1:10 pm
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Magna International missed Q3 earnings expectations but announced plans to resume share buybacks in Q4, leading to a 7.30% premarket share price increase. The company revised its FY24 sales and income outlooks downward.
Despite missing Q3 earnings expectations, Magna's announcement to resume share buybacks in Q4 is seen positively by investors, leading to a 7.30% increase in premarket trading. The revised FY24 outlooks are a concern but are overshadowed by the buyback news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100