AURORA, Ontario (AP) — AURORA, Ontario (AP) — Magna International Inc. (MGA) on Friday reported first-quarter net income of $9 million.
On a per-share basis, the Aurora, Ontario-based company said it had profit of 3 cents. Earnings, adjusted for non-recurring costs, were $1.08 per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.28 per share.
The automotive supply company posted revenue of $10.97 billion in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $11.02 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGA at https://www.zacks.com/ap/MGA
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