Magna International Misses On Q3 Earnings, Plans To Resume Buybacks From Q4

Magna International (NYSE:MGA) shares are trading higher in the premarket session on Friday.

The company reported that the third quarter adjusted earnings per share was $1.28, missing the street view of $1.41. Quarterly sales of $10.28 billion (down 4%) missed the analyst consensus estimate of $10.363 billion.

The decline in sales is primarily attributed to a 4% reduction in global light vehicle production. This includes a 6% drop in production in both North America and China, along with a 2% decrease in Europe.

“We continue to mitigate industry headwinds including lower production volumes in each of our core regions,” said Swamy Kotagiri, Magna’s Chief Executive Officer.

“As we ...