Earnings Report Summary for Magna International Q2 2024
Friday, 2 August 2024, 09:04
Overview of Magna International's Q2 2024 Results
Magna International (MGA) has reported disappointing financial results for the second quarter of 2024.
Earnings and Revenue Misses
- Non-GAAP EPS: $1.35, missing estimates by $0.10.
- Revenue: $10.96 billion, which represents a decline of 0.2% year-over-year and falls short by $50 million.
Adjusted EBIT
The adjusted EBIT was reported at $577 million for Q2, signaling concerns over the company's profitability amid sluggish revenue growth.
Outlook Adjustments
- Magna has updated its forecasts for FY24 and FY26.
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