Magna International (MGA) Company Overview

We have just put together a list of the 10 stocks that performed the worst on Monday. In this article, we will examine how Magna International Inc. (NYSE:MGA) compares to the other stocks. Ten companies started this week with major losses, reflecting a general market concern about increasing trade tensions.

Magna International's shares (MGA -7.89%) dropped by 11.6% this morning as investors reacted with fear after President Donald Trump revealed his intention to introduce significant import tariffs over the weekend. This includes a 25% tax on imports from Canada and Mexico, as well as a 10% tax on goods from China.

AURORA, Ontario, Nov. 19, 2024 (GLOBE NEWSWIRE) -- As original equipment manufacturers (OEMs) focus more on hybrid solutions in their electrification plans, Magna has received its first award for a Dedicated Hybrid Drive (DHD) Duo system from a major Chinese OEM. This award highlights Magna's dedication to innovation and sustainability, along with its adaptable method of providing power to wheels.

MGA has announced that its Q3 results were not as good as anticipated and now predicts that its revenues for 2024 will be between $42.2 billion and $43.2 billion. This is a decrease from the previous estimate of $42.5 billion to $44.1 billion.

AURORA, Ontario, Nov. 05, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG, NYSE: MGA) has announced the end of its previous Normal Course Issuer Bid, which started on February 15, 2024, and the Toronto Stock Exchange ("TSX") has approved its new Notice of Intention for a Normal Course Issuer Bid. Under this new plan, Magna can buy back up to 28,500,000 of its Common Shares, which is about 10% of its public float. As of October 31, 2024, Magna had a total of 287,342,204 Common Shares, with a public float of 286,960,792 shares.

Magna (MGA) reported quarterly earnings of $1.28 per share, which is lower than the Zacks Consensus Estimate of $1.48 per share. This is also a decrease from the earnings of $1.46 per share from the same period last year.

AURORA, Ontario, November 1, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) has announced its financial results for the third quarter that ended on September 30, 2024.

Magna International Inc. (NYSE:MGA) will hold its Q3 2024 Earnings Conference Call on November 1, 2024, at 8:00 AM ET. The call will feature company leaders, including CEO Swamy Kotagiri and CFO Patrick McCann, along with various participants from major financial institutions. The operator for the call is Kayla, who will assist with the proceedings.

Magna (MGA) lacks the right mix of the two important factors that could lead to a strong earnings report in the near future. Be ready for the main expectations.