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    MG   CA5592224011

MAGNA INTERNATIONAL INC.

(MG)
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Magna International : Lear profit beats on strong automobile demand in China

05/07/2021 | 06:54am EDT
U.S. auto part maker Lear Corp. plant safety measures to resume operations during COVID-19, in Ciudad Juarez

May 7 (Reuters) - U.S. auto parts maker Lear on Friday reported a better-than-expected first-quarter profit and raised its full-year outlook, helped by robust demand in key markets such as China, which is leading the sector's recovery from the COVID-19 crisis.

Lear's results come a day after rival Magna International Inc also beat estimates for quarterly results, driven by strong China demand.

Even as the health crisis has boosted demand for personal transport, a severe chip shortage has led car companies to cut production, capping sales growth at auto parts makers.

Lear said it now expects full-year sales between $20.35 billion and $21.15 billion, up from its prior forecast of $19.8 billion to $20.8 billion.

Lear, which counts General Motors Co and Ford among its top customers, makes automotive seating and electrical distribution systems that manage electrical power within a vehicle.

The company also raised its 2021 adjusted earnings before interest, taxes, depreciation, and amortization forecast to a range of $1.70 billion to $1.87 billion, from prior range of $1.69 billion to $1.86 billion.

On an adjusted basis, Lear earned $3.73 per share in the quarter ended April 3, beating analysts' average estimate of $2.95 per share, according to IBES data from Refinitiv.

Net sales rose 20% to $5.4 billion, topping the Wall Street estimate of $4.89 billion. (Reporting by Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GENERAL MOTORS COMPANY -0.13% 60.04 Delayed Quote.44.19%
MAGNA INTERNATIONAL INC. 2.04% 116.7 Delayed Quote.29.51%
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Financials (USD)
Sales 2021 41 011 M - -
Net income 2021 2 387 M - -
Net Debt 2021 2 104 M - -
P/E ratio 2021 12,0x
Yield 2021 1,82%
Capitalization 28 551 M 28 520 M -
EV / Sales 2021 0,75x
EV / Sales 2022 0,67x
Nbr of Employees 158 000
Free-Float 98,9%
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 94,69 $
Average target price 103,61 $
Spread / Average Target 9,42%
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Managers and Directors
Seetarama Kotagiri President & Chief Executive Officer
Vincent J. Galifi Chief Financial Officer & Executive Vice President
Bill L. Young Chairman
Paul Bellack Vice President-Information Technology
Sherif Salah Marakby Executive Vice President-Research & Development
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