Magna International (MGA) Misses Q3 EPS by 103c

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Go back to Magna International (MGA) Misses Q3 EPS by 103c

Magna Announces Third Quarter 2021 Results

November 5, 2021 5:00 AM EDT

Sales decreased 13% to $7.9 billion, reflecting a global light vehicle production decrease of 12%, including decreases of 20% in Europe, 19% in North America and 12% in ChinaDiluted earnings per share and adjusted diluted earnings per share of $0.04 and $0.56, respectively, compared to $1.35 and $1.95 last yearResults negatively impacted by lower light vehicle production substantially due to continued industry semiconductor chip shortages, production inefficiencies driven by unpredictable OEM production schedules, increased production and commodity costs and a provision on engineering service contracts

AURORA, Ontario, Nov. 05, 2021 (GLOBE... More