Magna Q4 Profit Down, Misses Estimates; Sees Higher Results In FY23, FY25

(RTTNews) - Magna International Inc. (MG.TO, MGA) reported Friday that its fourth-quarter net income attributable to the company plunged to $95 million from last year's $464 million.

Earnings per share fell to $0.33 from $1.54 a year ago. Adjusted earnings per share were $0.91, compared to prior year's $1.30.

On average, 17 analysts polled by Thomson Reuters expected the company to earn $1.06 per share for the quarter. Analysts' estimates typically exclude special items.

Sales increased 5 percent to $9.57 billion from $9.11 billion a year ago. Analysts projected sales of $9.55 billion for the quarter.

Excluding foreign currency translation sales increased 13 percent, compared to a global light vehicle production increase of 5 percent.

Further, the company raised quarterly cash dividend to $0.46 per share.

Looking ahead for fiscal 2023, the company projects net income attributable between $1.1 billion and $1.4 billion, on sales of $39.6 billion to $41.2 billion.

Sales would continue to outgrow global light vehicle production through outlook period.

The company also expects adjusted EBIT Margin to expand by 230 basis points or more by 2025.

Total sales by 2025 are expected to be between $44.7 billion and $47.2 billion.

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