No matching results for ''
Tip: Try a valid symbol or a specific company name for relevant results
Canada markets close in 4 hours 48 minutes
MARKETS LIVE BLOG
STOCKS DIP, EXTENDING LAST WEEK'S DECLINES AS INFLATION JITTERS LINGER
Homebuilder confidence unchanged in May, matching estimates and holding at elevated level
Magna International Inc. (MG.TO)
Toronto - Toronto Real Time Price. Currency in CAD
Add to watchlist
As of 11:11AM EDT. Market open.
613 reactions on $MG.TO conversation
Sign in to post a message.
Auto parts maker Magna's profit more than doubles, raises revenue forecast
By Reuters Staff
(Reuters) - Canadian auto parts maker Magna International Inc on Thursday reported a 136% rise in quarterly profit and raised its full-year revenue outlook, as strong demand for vehicles encouraged its customers to order more body structures, chassis and powertrains.
While a strong pent-up demand and preference for private vehicles during the COVID-19 crisis lifted sales at auto suppliers, a shortage of semiconductor chips has caused automakers to curtail production and forecast billions in losses.
Analysts expect a peak headwind to production due to the chip crunch in the second quarter. Semiconductors are used extensively in cars, for everything from engine performance monitoring to parking sensors.
Magna’s revenue for the year is now expected to be between $40.2 billion and $41.8 billion, up from a previous forecast of $40.0 billion to $41.6 billion.
Global light vehicle production was up 18% in the first quarter driven by an 87% increase in China, the company said in a statement.
Net income attributable to Magna rose to $615 million, or $2.03 per share, in the first quarter ended March 31, from $261 million, or 86 cents per share, a year earlier.
Total sales rose to $10.18 billion from $8.66 billion.
Hey Jonaz, hold on to it. It's a great company and will go up over $118.00. Too bad you didn't wait for the dip to buy. Hindsight is 20/20 though. Don't sell. If anything, definitely more at this price that way you'll bring down your cost average. Believe me, it's going past 118!
Slow start to the day. Compared to my other stocks
Jim Crow Joe
The chip shortage is short term noise. Magna has many areas to make money. Very strong stock - charts look solid. 2 days ago I suggested to take advantage of the panic dip. You can't give up on such a good stock as this.
Keeping in mind Apple may have teamed up with LG and Magna International.
Not sure where this is headed in the short term. I bought at 118 CAD, so I'm not sure what to do.
Congrats to longs on the excellent ER, and to Magna management for being a steady hand in tough times. I said this would go back to $120 after ER and we're almost there - if not for the tech sell-off I think today would be better. One of few plays I don't need to worry about.
let's hope the rumors about Apple & Magna become a reality
Magna manufacturing spans many countries. These companies have highly skilled individuals who make auto parts of precision for almost all OEM auto companies. The pieces to put together cars of the future depend on higher technology and of fewer pieces. Magna's focus on engineers developing the essential component is second to none. I'm confident their expertise will continue to attract business who want the most capable and effective components for this revolution in the auto industry to electrify it. With a current PE of 13 - it's minimal to what the future prospects are. i have a strong hunch that Apple's foray into this sector will include Magna especially with the focus on high quality components from a reliable manufacturer spanning decades. Good2Go >>>>>>>🚀
Folks this looks like the Chip shortage is dropping thru the supply chain. Many of the Auto Factories are closing for weeks at a time. I'm worried it will impact MGA. Ford just said it hurt them by 1.5 billion in truck and Car sales. My advice take cover and re-buy when this works out later this year. Don't take this wrong it is just a fact of life. I have heard MGA is shipping less parts to some customers. Take cover! For now I'm Bearish. MGA had a good run live to fight another day! All you have to do is watch the news on Auto sales.
I bought 40 more shares at 95.75.....i expect rebound before end of the day
What are everyone's thoughts for this in the short term? Think we can hit 100 again after ER or...
buy buy buy
Earnings seem pretty darn good considering chip shortage. Seems like they are positioned to really accelerate once shortage subsidies. Still cheap.
The numbers should look quite strong tomorrow. Expecting a great open.
Jim Crow Joe
Nothing but a panic sell off. Charts still look great. Taking an entry soon.. lets see where we end the day.
If the Apple Car rumor is true, does anyone when the anticipated release of the information is?
I do have a question, some of the Auto companies have been have issues getting Chips for some of their cars. I hope this does not trickle down to MGA. Several car companies have closed a few plants for a week or two because of the Chip shortages. Semiconductor supply chain is having problems, they need to figure out how to fix it. Hope it is a short term issue and the supply of "Chips" rebound!
In the Globe and Mail today.
* CIBC’s Kevin Chiang raised his Magna International Inc. (MGA-N, MG-T) target to US$113 from US$100 with an “outperformer” rating. The average is US$101.78.
I'm in at $118.8 CAD, but its sad to see this drop so much. Does anyone see this rebounding substantially in the near future or is it all down from here?
The man who didn't invent Flamin' Hot Cheetos
Hexo to acquire 48North in $50,000,000 all-stock deal
Yahoo Finance Canada
Prince Harry, Meghan Markle announce flurry of deals in bid to expand media footprint
© 2021 Verizon Media. All rights reserved.
About Our Ads