AURORA, Ontario (AP) — AURORA, Ontario (AP) — Magna International Inc. (MGA) on Friday reported second-quarter net income of $313 million.
On a per-share basis, the Aurora, Ontario-based company said it had net income of $1.09. Earnings, adjusted for non-recurring costs, came to $1.35 per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.46 per share.
The automotive supply company posted revenue of $10.96 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $11.11 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGA at https://www.zacks.com/ap/MGA