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Investing.com -- Magna International Inc. (NYSE:MGA) reported mixed first quarter results on Thursday, with earnings falling short of expectations but revenue coming in ahead of estimates. The auto parts supplier’s shares edged lower in early trading following the release.
Magna shares were down -1% in pre-market trading following the earnings release.
Key highlights in the release included the observations that Q1 adjusted EPS came in $0.78, missing analyst estimates of $0.89. Revenue came in at $10.08 billion, beating expectations of $9.63 billion, and was up 3.7% year-over-year from $9.72 billion in Q1 2024. Furthermore, adjusted EBIT came to $354 million, down from $469 million a year ago
Magna’s earnings miss overshadowed its revenue beat, with adjusted earnings per share coming in 12.4% below Wall Street forecasts. The company cited lower global light vehicle production and reduced earnings on lower sales as factors impacting profitability.
However, revenue growth of 3.7% year-over-year exceeded analyst projections, driven by new program launches and favorable foreign exchange rates.
The stock has gained about 5% year-to-date heading into the report.
The company maintained its full-year 2025 outlook, forecasting total sales between $41.7 billion and $43.5 billion.