Investing.com - Magna International reported first quarter earnings that missed analysts' expectations on Thursday and revenue that topped forecasts.
The firm reported earnings per share of C$2.19 on revenue of C$14.26B. Analysts polled by Investing.com forecast EPS of C$2.28 on revenue of C$14.16B. That compared to EPS of C$2.36 on revenue of C$13.83B in the same period a year earlier. The company had reported EPS of C$2.15 on revenue of C$13.37B in the previous quarter.
Magna International shares lost 8.48% to trade at C$65.63 in intra-day trade following the report.
For the year, Magna International shares are up 15.09%, broadly in line with the S&P/TSX which is up 15.4% year to date.
Magna International follows other major Consumer Cyclical sector earnings this month
On Thursday, May 2, 2019, Linamar reported first quarter EPS of C$2.11 on revenue of C$1.97B, compared to forecasts of EPS of C$2.16 on revenue of C$1.93B.
Martinrea earnings beat analyst's expectations on Thursday, May 2, 2019, with first quarter EPS of C$0.67 on revenue of C$1.02B. Investing.com analysts expected EPS of C$0.65 on revenue of C$1.01B
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