Magna International (NYSE: MGA) (TSE: MG) reported earnings for its third quarter of Fiscal Year 2022. Adjusted earnings per share came in at $1.07, which missed analysts’ consensus estimate of $1.08 per share. Sales increased 17.7% year-over-year, with revenue hitting $9.3 billion. This beat analysts’ target by $150 million.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Looking forward, management reduced its guidance, expecting revenue and net income for Fiscal Year 2022 to be in the ranges of $37.4 billion to $38.4 billion and $1.3 billion to $1.4 billion, respectively.
The lower guidance can be attributed to lower vehicle production expectations along with higher operating costs.
Is MGA Stock a Good Buy Now?
MGA stock has a Strong Buy consensus rating based on seven Buys, two Holds, and zero Sells assigned in the past three months. The average MGA stock price target of $65.94 implies 17.75% upside potential.
