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Wolfgang Rattay - 1 Seetarama Kotagiri - 1 Garrett Nelson - 1 Nathan Gomes - 1 Pratyush Thakur - 1 Vinay Dwivedi - 1
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☆ Magna lifts annual forecasts as results beat estimates on parts demand
  + stars: | 2023-08-04 | by ( ) www.reuters.com   time to read: +2 min
Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS/Wolfgang Rattay/File PhotoAug 4 (Reuters) - Canada's Magna International (MG.TO) on Friday raised its full-year profit and sales outlook after its quarterly results beat estimates on solid demand for parts, as automakers ramp up production. Magna expects 2023 revenue between $41.90 billion and $43.50 billion, compared with its previous forecast of $40.20 billion to $41.80 billion. The company raised its adjusted annual income outlook to between $1.40 billion and $1.60 billion, from $1.30 billion to $1.50 billion forecast earlier. Its second-quarter revenue rose 17% to $10.98 billion, topping estimates of $10.30 billion.
Persons: Wolfgang Rattay, Seetarama Kotagiri, Garrett Nelson, Nathan Gomes, Pratyush Thakur, Vinay Dwivedi Organizations: Munich, REUTERS, United Auto Workers, UAW, Ford Motor, Motors, Chrysler, Detroit, Magna, Thomson Locations: Munich, Germany, Europe, North America, Bengaluru
☆ Auto parts maker Magna trims sales forecast on high costs, supply woes
  + stars: | 2022-11-04 | by ( Priyamvada C | ) www.reuters.com   time to read: +2 min
(Reuters) -Canadian auto parts maker Magna International Inc lowered its annual sales forecast after missing estimates for third-quarter profit on Friday, as supply chain snags and higher costs keep global vehicle production under pressure. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. “We think auto parts pricing could come under pressure as auto inventories rise to more normal levels,” CFRA analyst Garrett Nelson said. The Aurora, Canada-based company which flagged lower sales in Russia, reported a revenue of $9.27 billion, above average analysts’ expectation of $9.16 billion, according to Refinitiv data. Excluding items, Magna’s profits came in at $1.07 per share, below estimates of $1.09 per share.
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