Magna Int'l Q4 Profit Surges, But Misses Estimates; Guides FY24 Sales In Line
(RTTNews) - Mobility technology company Magna International, Inc. (MGA, MG.TO) reported Friday that net income attributable to the company for the fourth quarter surged to $271 million or $0.94 per share from $95 million or $0.33 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $1.33 per share, compared to $0.94 per share in the year-ago quarter.
Sales for the quarter increased 9 percent to $10.45 billion from $9.57 billion in the same quarter last year. Sales increased 4 percent, excluding foreign currency translation and acquisitions net of divestitures.
On average, analysts polled by Thomson Reuters expected the company to earn $1.48 per share on revenues of $10.44 billion for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company now projects adjusted net income attributable to Magna in a range of $1.6 billion to $1.8 billion on net sales between $43.8 billion and $45.4 billion. The Street is looking for earnings of $6.66 per share on revenues of $44.97 billion for the year. For fiscal 2026, the company projects net sales between $48.8 billion and $51.2 billion.
The company's Board of Directors declared a 3 percent higher fourth quarter dividend of $0.475 per Common Share, payable on March 8, 2024 to shareholders of record as of the close of business on February 23, 2024.
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