- Magna International Inc (NYSE: MGA) reported revenue growth of 17% year over year to $9.27 billion in the third quarter of fiscal 22, miss the consensus of $9.31 billion.
- Global production of light vehicles increased by 24%.
- Body Exteriors & Structures segment revenue increased 25% year over year, Power & Vision was up 16%, Seating Systems was up 15% and Complete Vehicles revenue was up 3%.
- Operating income improved to $400 million from $27 million.
- Adjusted EPS of $1.07 missed consensus of $1.59.
- outlook: Magna lowers its FY22 revenue guidance to $37.4 billion – $38.4 billion from the previous estimate of $37.6 billion – $39.2 billion, down from 43, $41 billion.
- The outlook primarily reflects expected lower vehicle production in North America and Europe and higher operational inefficiencies.
- Price promotion: MGA shares traded 2.10% higher at $56.38 on the last check Friday.
- Photo via company
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