Magna Slashes FY22 Outlook To Reflect Lower Vehicle Production In North America; Misses Q3 Consensus

Magna International Inc (NYSE: MGA) reported third-quarter FY22 sales growth of 17% year-on-year to $9.27 billion, missing the consensus of $9.31 billion.
Global light vehicle production increased 24%.
Body Exteriors & Structures segment sales increased 25% Y/Y, Power & Vision grew 16%, Seating Systems gained 15%, and Complete Vehicles sales fell 3%.
Income from operations improved from $27 million to $400 million.
Adjusted EPS of $1.07 missed the consensus of $1.59.
Outlook: Magna cuts its FY22 sales outlook to $37.4 billion - $38.4 billion from the prior view of $37.6 billion - $39.2 billion, below the estimate of $43.41 billion.
The outlook mainly reflects expected lower vehicle production in North America and Europe and higher operating inefficiencies.
Price Action: MGA shares traded higher by 2.10% at $56.38 on the last check Friday.
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