- Magna International (TSX:MG) raised its full-year profit and sales outlook after its Q2 results beat estimates
- Riding a rebound in global auto production, the auto parts maker reversed a loss from Q2 last year to earn a US$339 million profit (US$1.18 a share) as sales rose by 17 per cent
- Sales increased 17 per cent to US$11.0 billion during Q2 2023, which beat the 15 per cent increase in global light vehicle production during the quarter
- Magna International Inc. opened trading at C$87.00 per share
Magna International (TSX:MG) raised its full-year profit and sales outlook after its Q2 results beat estimates.
MG stock was down 2.8 per cent by midday Friday trading, but is up 5.9 per cent this month, 7.5 per cent higher since the year began, and has risen 3.2 per cent since this time last year.
Riding a rebound in global auto production, the auto parts maker reversed a loss from Q2 last year to earn a US$339 million profit (US$1.18 a share) as sales rose by 17 per cent.
Sales increased 17 per cent to US$11.0 billion during Q2 2023, which beat the 15 per cent increase in global light vehicle production during the quarter.
The Aurora, Ontario-based company shifted its 2023 revenue forecast to between US$41.9 billion and US$43.5 billion, from US$40.2 billion to US$41.8 billion.
Magna International Inc. is a mobility technology company and one of the world’s largest suppliers in the automotive space.
Magna International Inc. opened trading at C$87.00 per share.
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