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BRIEF-Magna Reports Q3 Earnings Per Share $1.62

Published 2018-11-08, 05:16 a/m
Updated 2018-11-08, 05:20 a/m
BRIEF-Magna Reports Q3 Earnings Per Share $1.62

BRIEF-Magna Reports Q3 Earnings Per Share $1.62

Nov 8 (Reuters) - Magna International Inc MG.TO :

* MAGNA REPORTS RECORD THIRD QUARTER RESULTS

* Q3 ADJUSTED EARNINGS PER SHARE $1.56

* Q3 EARNINGS PER SHARE $1.62

* Q3 EARNINGS PER SHARE VIEW $1.51 -- THOMSON REUTERS I/B/E/S

* Q3 SALES $9.62 BILLION VERSUS I/B/E/S VIEW $9.75 BILLION

* REDUCED TOP END OF 2018 OUTLOOK RANGES FOR TOTAL SALES, ADJUSTED NET INCOME ATTRIBUTABLE TO MAGNA

* SEES 2018 CAPITAL SPENDING ABOUT $1.7 BILLION

* Q4 2018 EXPECTATIONS FOR LOWER LIGHT VEHICLE PRODUCTION, LOWER EQUITY EARNINGS IN EUROPEAN TRANSMISSION JOINT VENTURE

* Q4 2018 EXPECTATIONS FOR HIGHER COSTS IN BODY EXTERIORS & STRUCTURES SEGMENT

* SEES 2018 LIGHT VEHICLE PRODUCTION NORTH AMERICA 17.0 MILLION UNITS

* SEES 2018 TOTAL SALES $40.3 BILLION TO $41.4 BILLION

* SEES FY LIGHT VEHICLE PRODUCTION IN EUROPE 22.5 MILLION UNITS

* SEES 2018 ADJUSTED NET INCOME ATTRIBUTABLE TO MAGNA $2.3 - $2.4 BILLION

* SEES FY ADJUSTED EBIT MARGIN APPROXIMATELY 7.7%

* QTRLY SALES WERE SLIGHTLY LOWER THAN CO HAD ANTICIPATED, MAINLY DUE TO LOWER THAN EXPECTED LIGHT VEHICLE PRODUCTION

* MAGNA INTERNATIONAL - BOARD APPROVED NEW NORMAL COURSE ISSUER BID TO BUY UP TO 33.2 MILLION OF CO'S COMMON SHARES

* NCIB IS EXPECTED TO COMMENCE ON OR ABOUT NOVEMBER 15, 2018 AND WILL TERMINATE ONE YEAR LATER

* FY2018 REVENUE VIEW $41.24 BILLION -- THOMSON REUTERS I/B/E/S

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