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Magna International Inc MGA Stock Quote

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Morningstar‘s Stock Analysis MGA

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Magna's Third Quarter Improves as Chip Crunch Abates, Tweaks Guidance Down; $83 FVE Unchanged

Richard Hilgert Senior Equity Analyst

Analyst Note

| Richard Hilgert |

No-moat-rated Magna reported third-quarter earnings per share before special items, or EPS, of $1.07, $0.03 below the FactSet consensus estimate of $1.10 but $0.51 better than the $0.56 result reported last year when the chip crunch was at its worst. Revenue increased 17% to $9.3 billion from $7.9 billion reported last year as customer call-offs continued but lessened due to customer cost recoveries, partially offset by China COVID-19 lockdowns and the Ukraine crisis. The top line beat consensus by 1%. Organic revenue, excluding unfavorable currency effect, increased 27%, outperforming a 24% increase in global light vehicle production, weighted to Magna’s customer base, by 3%.

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Key Statistics MGA

Company Profile MGA

Business Description

Magna International prides itself on a highly entrepreneurial culture and a corporate constitution that outlines distribution of profits to various stakeholders. This automotive supplier's product groups include exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling and engineering, and contracted vehicle assembly. Roughly 46% of Magna's revenue comes from North America while Europe accounts for approximately 43%.

337 Magna Drive
Aurora, ON, L4G 7K1, Canada
T +1 905 726-2462
Industry Auto Parts
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 161,000

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