Magna Q2 Earnings Top Estimates Aided By Higher Global Light Vehicle Production; Raises Guidance

Magna International Inc MGA reported second-quarter FY23 sales growth of 17.3% year-on-year to $10.98 billion, beating the analyst consensus of $10.20 billion.

Body Exteriors & Structures segment sales increased 15% Y/Y, Power & Vision grew 19.9%, Seating Systems jumped 27.9%, and Complete Vehicles sales gained 8.8%.

Operating income before income taxes for the quarter was $483 million, with an operating margin of 4.4%.

Adjusted EBIT was $603 million with an adjusted EBIT margin of 5.5%.

Adjusted EPS of $1.50 beat the analyst consensus of $1.25.

In Q2, the company generated cash from operations before changes in operating assets and liabilities of $879 million and used $332 million in operating assets and liabilities.

The company's Board declared a Q2 dividend of $0.46 per share, payable on September 1, 2023, to shareholders of record on August 18, 2023.

Outlook: Magna raised its FY23 sales outlook from $40.2 billion-$41.8 billion to $41.9 billion-$43.5 billion versus the estimate of $41.74 billion.

Magna raised FY23 adjusted EBIT margin outlook from 4.7%-5.1% to 4.8%-5.2%.

Price Action: MGA shares are trading higher by 1.49% at $64.00 in premarket on Friday.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsEquitiesNewsGuidanceMarketsGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!