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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Magna International Inc.    MG   CA5592224011

MAGNA INTERNATIONAL INC.

(MG)
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Canada's Magna posts higher profit, raises sales forecast

08/11/2017 | 11:35am EST

(Reuters) - Magna International Inc (>> Magna International Inc.) reported a higher quarterly profit on increased demand in Europe and Asia, and the Canadian auto parts maker raised its full-year sales forecast for the second time in three months.

(Reuters) - Magna International Inc (>> Magna International Inc.) <MGA.N> reported a higher quarterly profit on increased demand in Europe and Asia, and the Canadian auto parts maker raised its full-year sales forecast for the second time in three months.

Chief Executive Officer Don Walker told analysts on Friday that Magna would still focus on electrified and self-driving vehicles but was not planning to spin off any key units because of this, as other auto suppliers had done.

"At this time, we think we have the right product capabilities," Walker said.

In May, Delphi Automotive Plc (>> Delphi Automotive PLC) announced plans to separate into two entities, one dedicated to internal combustion technology and the other focused on electrification and automation. Germany's Robert Bosch GmbH [ROBG.UL] has sold its starters and alternators business to a Chinese mining company.

Magna still has "room" to buy back more stock" after spending $484 million in the second quarter on share repurchases and dividends, he added.

The Aurora, Ontario-based company's quarterly sales rose nearly 10 percent to $681 million in Asia and climbed about 3 percent to $3.63 billion in Europe.

Sales in North America, the company's biggest market, increased marginally to $5.37 billion because Magna introduced new programs, even as vehicle production declined.

Walker said he still expected a fairly strong second half of the year for North America, although auto sales have been slowing there.

Still, Magna shares were down almost 2 percent in late morning Toronto trading, and another Canadian parts supplier, Linamar Corp (>> Linamar Corporation), showed a similar decline. The benchmark Canadian stock index <.GSPTSE> fell 0.4 percent.

Magna, which counts General Motors Co (>> General Motors Corporation), Volkswagen AG (>> Volkswagen), BMW AG (>> Bayerische Motoren Werke) and Ford Motor Co (>> Ford Motor Company) among its biggest customers, now expects 2017 sales of $37.7 billion to $39.4 billion.

The company raised its sales forecast in May to a range of $36.6 billion to $38.3 billion.

Net income attributable to Magna rose marginally to $561 million, or $1.48 per share, in the quarter.

Excluding special items, earnings of $1.49 per share were 2 cents higher than the analysts' average estimate, according to Thomson Reuters I/B/E/S.

Sales rose 2.5 percent to $9.68 billion, ahead of analysts' expectations of $9.47 billion.

(Reporting by John Benny in Bengaluru and Allison Lampert in Montreal; Editing by Maju Samuel and Lisa Von Ahn)


© Reuters 2017
Stocks mentioned in the article
ChangeLast1st jan.
APTIV PLC -0.88% 143.85 Delayed Quote.11.38%
BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT 2.43% 54.75 Delayed Quote.-0.82%
DEERE & COMPANY 1.52% 305.5 Delayed Quote.11.85%
FORD MOTOR COMPANY 6.17% 11.53 Delayed Quote.31.17%
GENERAL MOTORS COMPANY -1.40% 55.08 Delayed Quote.32.28%
LINAMAR CORPORATION -0.26% 73.71 Delayed Quote.7.89%
LINE CORPORATION 0.00% 5350 End-of-day quote.0.00%
MAGNA INTERNATIONAL INC. 1.42% 97.26 Delayed Quote.2.40%
NEXT PLC 0.57% 8158 Delayed Quote.15.13%
VOLKSWAGEN AG 2.80% 162.04 Delayed Quote.6.31%
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Financials (USD)
Sales 2020 32 172 M - -
Net income 2020 660 M - -
Net Debt 2020 3 473 M - -
P/E ratio 2020 32,6x
Yield 2020 2,06%
Capitalization 22 994 M 23 061 M -
EV / Sales 2020 0,82x
EV / Sales 2021 0,67x
Nbr of Employees 157 000
Free-Float 92,5%
Chart MAGNA INTERNATIONAL INC.
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Magna International Inc. Technical Analysis Chart | MG | CA5592224011 | MarketScreener
Technical analysis trends MAGNA INTERNATIONAL INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
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Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 68,52 $
Last Close Price 76,84 $
Spread / Highest target 37,2%
Spread / Average Target -10,8%
Spread / Lowest Target -41,5%
EPS Revisions
Managers and Directors
NameTitle
Seetarama Kotagiri President & Chief Executive Officer
Bill L. Young Chairman
Tommy J. Skudutis Chief Operating Officer & Executive VP
Vincent J. Galifi Chief Financial Officer & Executive Vice President
Paul Bellack Vice President-Information Technology
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