Magna International, Inc. (NYSE:MGA) shares climbed on Friday after the auto supplier delivered a stronger-than-expected quarter, supported by new program launches and higher production on key platforms.
The company also outlined its outlook for the year ahead, pairing an earnings view above expectations with a reduced sales forecast.
Quarterly Metrics
The company reported fourth-quarter adjusted earnings per share of $2.18, beating the analyst consensus estimate of $1.79. Quarterly sales of $10.84 billion (+2% year over year) outpaced the Street view of $10.495 billion.
Quarterly revenues rose despite a 1% decline in global light vehicle production.
Magna International said that the higher sales largely reflect increased production on certain ongoing programs and the launch of new programs, including the Ford Expedition and Lincoln Navigator, Xiaomi YU7, …