Magna International Inc. (TSE:MG) (NYSE:MGA), North America’s largest auto-parts supplier, slipped in early New York trading after posted a lower-than-expected 9 percent increase in profit for the first quarter.
Shares fell 1.9 percent to $96.70 at 9:39 a.m. in New York. The stock had gained 20 percent since the beginning of the year through yesterday.
Net income advanced to $393 million, or $1.76 per share, in the first quarter ended March 31, from $369 million, or $1.57 per share, a year earlier, the Aurora, Ontario-based company said in a statement today.
Excluding the $0.23 per share negative impact for this year's first quarter and the $0.02 per share negative impact for last year's first quarter, earnings per share increased $0.40, as a result of the increase in net income attributable to Magna International Inc. and a decrease in the weighted average number of diluted shares outstanding during the first quarter of 2014, the company said.
Sales grew 7 percent to $8.96 billion.
Analysts were looking for earnings of $1.98 per share on revenue of $8.89 billion.
The board declared a quarterly dividend of $0.38 with respect to the company’s outstanding common shares. This dividend is payable on June 13 to shareholders of record on May 30.
Looking forward, the company now expects 2014 sales to be in the range of $34.9 billion - $36.6 billion. The company said in March that it expected sales to be between $33.8 billion and $35.5 billion for fiscal 2014. Analysts expect the company to report revenues of $35.71 billion.
Reported by Proactive Investors 18 hours ago.
Shares fell 1.9 percent to $96.70 at 9:39 a.m. in New York. The stock had gained 20 percent since the beginning of the year through yesterday.
Net income advanced to $393 million, or $1.76 per share, in the first quarter ended March 31, from $369 million, or $1.57 per share, a year earlier, the Aurora, Ontario-based company said in a statement today.
Excluding the $0.23 per share negative impact for this year's first quarter and the $0.02 per share negative impact for last year's first quarter, earnings per share increased $0.40, as a result of the increase in net income attributable to Magna International Inc. and a decrease in the weighted average number of diluted shares outstanding during the first quarter of 2014, the company said.
Sales grew 7 percent to $8.96 billion.
Analysts were looking for earnings of $1.98 per share on revenue of $8.89 billion.
The board declared a quarterly dividend of $0.38 with respect to the company’s outstanding common shares. This dividend is payable on June 13 to shareholders of record on May 30.
Looking forward, the company now expects 2014 sales to be in the range of $34.9 billion - $36.6 billion. The company said in March that it expected sales to be between $33.8 billion and $35.5 billion for fiscal 2014. Analysts expect the company to report revenues of $35.71 billion.
Reported by Proactive Investors 18 hours ago.