Magna beats by $0.10, reports revs in-line; reaffirms FY14 revs guidance
Reports Q2 (Jun) earnings of $2.32 per share, $0.10 better than the Capital IQ Consensus Estimate of $2.22; revenues rose 5.6% year/year to $9.46 bln vs the $9.39 bln consensus.
Co reaffirms guidance for FY14, sees FY14 revs of $35.6-37.3 mln vs. $36.25 bln Capital IQ Consensus Estimate.
- Co posted record sales of $9.46 billion for the second quarter ended June 30, 2014, an increase of 6% over the second quarter of 2013.
- Co achieved this sales increase in a period when vehicle production increased 3% in North America and 2% in Europe, both relative to the second quarter of 2013.
- In the second quarter of 2014, our North American, European and Asian production sales increased, while Rest of World production sales, complete vehicle assembly sales and tooling, engineering and other sales decreased, in each case relative to the comparable quarter in 2013.
Co reaffirms guidance for FY14, sees FY14 revs of $35.6-37.3 mln vs. $36.25 bln Capital IQ Consensus Estimate.