Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

CORRECTED-UPDATE 1-Magna Int'l quarterly sales beat estimates

Published 2015-08-07, 08:47 a/m
© Reuters.  CORRECTED-UPDATE 1-Magna Int'l quarterly sales beat estimates

(Corrects 2015 revised sales forecast to $30.9-$32.6 billion
from $26.2-$27.5 billion in paragraph 8)
Aug 7 (Reuters) - Canadian auto parts maker Magna
International Inc MG.TO MGA.N reported higher-than-expected
quarterly sales as increased vehicle production in North America
offset the impact of a strong U.S. dollar.
Auto sales in the United States and Canada were robust in
the April-June period as cheaper gasoline and low interest rates
drove the shift toward sport utility vehicles and pickup trucks.
However, the dollar .DXY surged about 20 percent against a
basket of major currencies in the past 12 months, making sales
denominated in other currencies less valuable in dollar terms.
On an adjusted basis, Magna earned $1.19 per share for the
second quarter, above analysts' average estimate of $1.18,
according to Thomson Reuters I/B/E/S.
Magna's quarterly sales fell 8.7 percent to $8.13 billion.
Analysts on average had expected revenue of $8.09 billion.
The company said it expected 2015 operating margin to be
about 8 percent, higher than the high-7 percent range it
forecast in May.
Magna sold much of its vehicle interiors business, typically
a lower-margin segment, to Spain's Grupo Antolin in April.
The company said it now expects 2015 sales of $30.9-$32.6
billion, compared with its previous forecast of $30.8-$32.5
billion.
Magna had said in July it would buy privately owned German
car parts maker Getrag for 1.75 billion euros ($1.91 billion),
to expand its automotive transmission systems business.
ID:nL4N0ZW3MX
Net earnings per share attributable to Magna was $1.16, same
as a year earlier. The company said it restated its earnings per
share for the year-ago period due to a 2-for-1 stock split that
was completed in March. ID:nPn3btFyP
Up to Thursday's close of C$71.37, Magna shares gained about
22 percent in the past 12 months on the Toronto Stock Exchange.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

($1 = 0.9152 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.