|Bid||73.84 x 0|
|Ask||73.87 x 0|
|Day's Range||73.42 - 74.11|
|52 Week Range||57.34 - 76.11|
|Beta (3Y Monthly)||1.52|
|PE Ratio (TTM)||13.37|
|Earnings Date||Nov. 8, 2019|
|Forward Dividend & Yield||1.93 (2.64%)|
|1y Target Est||66.02|
Magna International Inc. (TSX: MG, NYSE: MGA) today announced that the Toronto Stock Exchange ("TSX") had accepted its Notice of Intention to Make a Normal Course Issuer Bid (the "Notice"). Pursuant to the Notice, Magna may purchase up to 30,283,500 Magna Common Shares (the "Bid"), representing approximately 10% of its public float. As at November 1, 2019, Magna had 305,831,639 issued and outstanding Common Shares, including a public float of 302,835,169 Common Shares.
Magna International Inc. has cut its outlook for the year on lost volume from the nearly six-week strike by GM workers in the United States.The Canadian auto-parts manufacturer, which reports in U.S. dollars, said Friday it now expects total sales this year of between $38.7 billion and $39.8 billion, down from between 38.9 billion and $41.1 billion.Magna also estimates 2019 net income of between $1.8 billion and $1.9 billion, a $200 million cut from the top end.The strike by 49,000 United Auto Workers shut down production at more than 30 GM facilities in the U.S. and forced GM to cut back or suspend some operations in Canada and Mexico as well — affecting suppliers like Magna.Magna chief executive Don Walker said Friday that the company, headquartered north of Toronto, in Aurora, Ont., performed fairly well given the circumstance."All things considered, including a labour strike at our largest customer, our adjusted third quarter results came in relatively in line with our expectations," Walker said on a conference call.Adjusted earnings for the quarter ending Sept. 30 came in at $1.41 per share, compared with $1.56 per share a hear earlier, but ahead of the $1.34 expected by analysts according to financial markets data firm Refinitiv.The strike, which continued until Oct. 25, will have a greater effect on fourth quarter results, the company said.Magna could regain some of the lost volume if GM runs overtime shifts, but production wouldn't be as efficient or as profitable, said Walker."[Production] may not be quite at the margins we would normally have in regular time, but it's still good for us if they're running extra volume."Unadjusted, Magna had a net loss of $233 million, or 75 cents per share, after recording a $537 million non-cash impairment charge related to its Getrag joint ventures. The ventures have been hit by declines in manual transmission demand as well as declining Chinese auto sales."We're disappointed in the recent results and future projections in the Getrag joint ventures, in particular, the growth in the Chinese joint ventures," said Walker.However, he said Magna's wholly-owned transmission business based in Europe continues to grow.This report by The Canadian Press was first published Nov. 8, 2019.Companies in this story: (TSX:MG).Ian Bickis, The Canadian Press
Magna International (TSX:MG)(NYSE:MGA) reduced its annual sales and net income projections on Friday and opened lower by around $3.32 -- down 4.44% as a result.
Sales of $9.3 billion decreased 3%, compared to global light vehicle production down 3% º Labour strike at General Motors (“GM strike”) reduced third quarter salesExcluding.
Project partners include the Illinois Institute of Technology, the University of Wisconsin-Madison and the U.S. Department of EnergyObjective is to develop an automotive-grade,.
Magna to build dual-clutch transmissions including hybrid variants for strategic partner BMW GroupTechnologies for front-wheel drive vehicle platforms; over 170 different.
Measuring Magna International Inc.'s (TSX:MG) track record of past performance is an insightful exercise for...