Magna International (TSE:MG) Second Quarter 2024 Results
Key Financial Results
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Revenue: US$11.0b (flat on 2Q 2023).
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Net income: US$313.0m (down 7.7% from 2Q 2023).
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Profit margin: 2.9% (down from 3.1% in 2Q 2023).
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EPS: US$1.09 (down from US$1.18 in 2Q 2023).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Magna International EPS Misses Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 24%.
Looking ahead, revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Auto Components industry in North America.
Performance of the market in Canada.
The company’s shares are down 12% from a week ago.
Risk Analysis
Before you take the next step you should know about the 1 warning sign for Magna International that we have uncovered.
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