Magna International (MGA) Misses Q3 EPS by 7c; Offers FY22 Revenue Guidance

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Go back to Magna International (MGA) Misses Q3 EPS by 7c; Offers FY22 Revenue Guidance

Magna Announces Third Quarter 2022 Results

November 4, 2022 5:00 AM EDT

Sales increased 17% to $9.3 billion, compared to a global light vehicle production increase of 24%Excluding foreign currency translation and acquisitions net of divestitures, sales increased 27%Diluted earnings per share and adjusted diluted earnings per share increased to $1.00 and $1.07, respectively, compared to $0.04 and $0.56 last yearReturned $305 million to shareholders through share repurchases and dividendsReduced outlook mainly reflects expected lower vehicle production in North America and Europe and higher operating inefficiencies   

AURORA, Ontario, Nov.... More