Magna: 2Q Earnings Snapshot
AURORA, Ontario (AP) _ Magna International Inc. (MGA) on Thursday reported second-quarter profit of $452 million.
The Aurora, Ontario-based company said it had net income of $1.42 per share. Earnings, adjusted for non-recurring costs, came to $1.59 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.57 per share.
The automotive supply company posted revenue of $10.13 billion in the period, which also beat Street forecasts. Three analysts surveyed by Zacks expected $10.01 billion.
Magna expects full-year revenue in the range of $38.9 million to $41.1 million.
Magna shares have climbed roughly 7% since the beginning of the year. The stock has dropped 18% in the last 12 months.