- Zacks
Magna (MGA) Stock Down 4% Since Q1 Earnings & Sales Miss
Magna (MGA) now expects 2024 revenues in the band of $42.6-$44.2 billion, down from $43.8-$45.4 billion guided earlier.
- Insider Monkey
Magna International Inc. (NYSE:MGA) Q1 2024 Earnings Call Transcript
Magna International Inc. (NYSE:MGA) Q1 2024 Earnings Call Transcript May 3, 2024 Magna International Inc. misses on earnings expectations. Reported EPS is $1.08 EPS, expectations were $1.28. Magna International Inc. isn’t one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here). Operator: Thank you […]
- Reuters
UPDATE 1-Magna lags profit estimates, cuts annual sales forecast on supply chain snags
Canada's Magna International missed first-quarter profit estimates and cut its full-year overall sales forecast on Friday, as auto parts suppliers navigate ongoing supply constraints and bumpy demand for electric vehicles. Auto parts suppliers have been struggling with lower-than-expected demand for their EV components, as carmakers shift their focus toward producing affordable hybrid vehicles instead. Magna, which produces powertrains, along with assembling complete vehicles, signed agreements with Fisker in 2020 to engineer and manufacture its Ocean SUV.
