Magna: 3Q Earnings Snapshot
AURORA, Ontario (AP) _ Magna International Inc. (MGA) on Friday reported a third-quarter loss of $233 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Aurora, Ontario-based company said it had a loss of 75 cents. Earnings, adjusted for non-recurring costs, came to $1.41 per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.38 per share.
The automotive supply company posted revenue of $9.32 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $9.31 billion.
Magna expects full-year revenue in the range of $38.7 billion to $39.8 billion.
Magna shares have risen 25% since the beginning of the year. The stock has climbed 14% in the last 12 months.