AP NEWS

Magna: 3Q Earnings Snapshot

November 8, 2019 GMT

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGA at https://www.zacks.com/ap/MGA