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Magna: 4Q Earnings Snapshot

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02/22/2019 | 05:29am EST

AURORA, Ontario (AP) _ Magna International Inc. (MGA) on Friday reported fourth-quarter earnings of $456 million.

On a per-share basis, the Aurora, Ontario-based company said it had net income of $1.37. Earnings, adjusted for non-recurring costs and pretax expenses, were $1.63 per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.60 per share.

The automotive supply company posted revenue of $10.14 billion in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $10.09 billion.

For the year, the company reported profit of $2.3 billion, or $6.61 per share. Revenue was reported as $40.83 billion.

Magna expects full-year revenue in the range of $40.2 billion to $42.4 billion.

Magna shares have risen 16 percent since the beginning of the year. The stock has fallen roughly 5 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGA at https://www.zacks.com/ap/MGA

Automated Insights, source Associated Press News

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