Magna (MGA) Shares Rallying as Q2 Results Look Promising
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Magna International, Inc. (NYSE: MGA) swung to second quarter profit today, pushing shares up 5% to $78.77 in mid-afternoon trading.
MGA reported Q2 EPS of $2.59, stronger the analyst estimate of $1.46, and compared to a loss of $1.83 during the same quarter last year. Revenue for the quarter was $6.05 billion, versus the estimate of $5.41 billion.
Looking forward, the company increased its FY10 revenue outlook by $1 billion to a range of $22 - $23 billion, compared to the consensus of $21.46 billion.
Notably, EPS was reduced $0.19 by restructuring charges during the quarter.
On the conference call, Co-CEO Don Walker noted that North American light vehicle production was up 75%, and European light vehicle production was up 13%. Sales for the company, excluding tooling sales, increased 57% to $2.3 billion for the quarter. Gross margin also doubled from 7.5% to 14.6%.
MGA reported Q2 EPS of $2.59, stronger the analyst estimate of $1.46, and compared to a loss of $1.83 during the same quarter last year. Revenue for the quarter was $6.05 billion, versus the estimate of $5.41 billion.
Looking forward, the company increased its FY10 revenue outlook by $1 billion to a range of $22 - $23 billion, compared to the consensus of $21.46 billion.
Notably, EPS was reduced $0.19 by restructuring charges during the quarter.
On the conference call, Co-CEO Don Walker noted that North American light vehicle production was up 75%, and European light vehicle production was up 13%. Sales for the company, excluding tooling sales, increased 57% to $2.3 billion for the quarter. Gross margin also doubled from 7.5% to 14.6%.
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