MGA Stock Recent News

Magna (MGA) reports mixed fourth-quarter results and expects full-year 2024 revenues in the band of $43.8-$45.4 billion, up from $42.8 billion recorded in 2023.

The headline numbers for Magna (MGA) give insight into how the company performed in the quarter ended December 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Magna (MGA) came out with quarterly earnings of $1.33 per share, missing the Zacks Consensus Estimate of $1.46 per share. This compares to earnings of $0.91 per share a year ago.

Get a deeper insight into the potential performance of Magna (MGA) for the quarter ended December 2023 by going beyond Wall Street's top -and-bottom-line estimates and examining the estimates for some of its key metrics.

Magna (MGA) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

AURORA, Ontario, Jan. 16, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX:MG) (NYSE:MGA) MAGNA ANNOUNCES DATE FOR Q4 & YEAR END 2023 RESULTS and 2024 OUTLOOK CONFERENCE CALL     FRIDAY – FEBRUARY 9, 2024 8:00 AM ET     DIAL IN NUMBERS North America Toll-Free: 1-800-621-4410 International Toll: 1-416-981-9010 Webcast: www.magna.com Slide presentation will be available on our website prior to the call     REBROADCAST INFORMATION Replay available 2 hours after the call until February 16, 2024 North America Toll-Free: 1-800-558-5253 International Toll: 1-416-626-4100 Reservation No.: 22029006 INVESTOR CONTACTLouis Tonelli, Vice-President, Investor Relations louis.tonelli@magna.com  905-726-7035 TELECONFERENCE CONTACTNancy Hansford, Executive Assistant, Investor Relations nancy.hansford@magna.com  905-726-7108

As EV stocks like Tesla (NASDAQ: TSLA ) see sales slip and margins tighten, many bemoan the industry's current state. While adoption skyrocketed over the past few years, tightened economic conditions mean consumers can't afford top-of-the-line EV offerings.

Canadian labour union Unifor said on Thursday it has returned to the bargaining table with Magna International after workers staged a walkout at the auto parts supplier's Integram seat manufacturing facility in Windsor.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Magna (MGA) expects full-year 2023 adjusted EBIT margin in the range of 5.1-5.4%, up from the previous guidance of 4.9-5.3%.