Magna Revises FY Outlook, Posts Improved Q2 Results

(RTTNews) - Automotive supplier Magna International Inc. (MG.TO, MGA) Wednesday reduced its guidance for the full year 2018, to reflect stronger U.S. dollar, developments in its transmission joint venture operations and expected impact of tariffs, and reported improved results for the second quarter.

The company now expects full-year adjusted net income attributable to company of $2.3 billion - $2.5 billion, on total sales of $40.3 billion - $42.5 billion. This compares to earlier adjusted net income guidance of $2.4 billion - $2.6 billion and net sales guidance of $40.9 billion - $43.1 billion, respectively.

The company's net profit rose to $626 million or $1.77 per share from last year's $548 million or $1.44 per share. Excluding items, adjusted earnings per share was $1.67. Magna's revenue grew 12.5 percent to $10.28 billion in the quarter.