Market News

Magna Stock Plunges after Earnings Miss

Shares of Magna International (NYSE:MGA)(TSE:MG) plunged today after it reported earnings for its fourth quarter of Fiscal Year 2022. Earnings per share came in at $0.91, which missed analysts’ consensus estimate of $1.00 per share. Sales increased by 5.5% year-over-year, with revenue hitting $9.6 billion. This was $90 million above expectations.

Looking forward, management now expects revenue and an adjusted EBIT margin for Fiscal Year 2023 to be in the ranges of $39.6 billion to $41.2 billion and 4.1% to 5.1, respectively. For reference, analysts were expecting $39.93 billion in revenue.

Overall, Wall Street analysts have a consensus price target of $67.63 on MGA stock, implying over 22% upside potential, as indicated by the graphic above.


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