AURORA, Ontario (AP) — AURORA, Ontario (AP) — Magna International Inc. (MGA) on Friday reported first-quarter profit of $146 million.
On a per-share basis, the Aurora, Ontario-based company said it had profit of 52 cents. Earnings, adjusted for one-time gains and costs, came to 78 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 90 cents per share.
The automotive supply company posted revenue of $10.07 billion in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $9.53 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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