How Magna International Beat Expectations in Q4
Canadian auto-industry supplier Magna International (NYSE: MGA) said on Feb. 19 that its fourth-quarter net income jumped 68% from a year ago, to $738 million, as its automaker clients produced more vehicles than expected.
On an adjusted basis, excluding one-time items, Magna earned $2.83 per share in the fourth quarter, well ahead of the $2.03-per-share Wall Street consensus estimate reported by Thompson Reuters. Magna's fourth-quarter revenue of $10.57 billion was also above the consensus estimate of $10.12 billion.
As expected, Magna's full-year 2020 net income fell from $1.76 billion in 2019 to $757 million. Despite the expected decline, the final result was also above Wall Street expectations.
Source Fool.com
