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Magna lags profit estimates, cuts annual sales forecast on supply chain snags, ET Auto

Magna lags profit estimates, cuts annual sales forecast on supply chain snags, ET Auto

by admin
May 4, 2024
in Auto News
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<p>Magna executives said on a post-earnings call the company was assessing impacts from automakers' shifting electrification plans, particularly in North America.</p>
Magna executives stated on a post-earnings name the corporate was assessing impacts from automakers’ shifting electrification plans, notably in North America.

Canada’s Magna Worldwide missed first-quarter revenue estimates and reduce its full-year total gross sales forecast on Friday, as auto elements suppliers navigate ongoing provide constraints and bumpy demand for electrical automobiles.

The corporate’s shares have been down about 4% in early commerce.

Auto elements suppliers have been fighting lower-than-expected demand for his or her EV elements, as carmakers shift their focus towards producing reasonably priced hybrid automobiles as an alternative.

Provide chain constraints, coupled with labor shortages which started in the course of the pandemic, additionally proceed to affect the auto business as they attempt to ramp up manufacturing.

Magna executives stated on a post-earnings name the corporate was assessing impacts from automakers’ shifting electrification plans, notably in North America.

The Aurora, Ontario-based firm additionally recorded asset impairments and restructuring prices of USD 316 million associated to distressed EV startup Fisker.

Magna, which produces powertrains, together with assembling full automobiles, signed agreements with Fisker in 2020 to engineer and manufacture its Ocean SUV.

Fisker has been grappling with uncertainties after talks with a big automaker for a possible funding collapsed in March.

“Magna’s full automobiles contract manufacturing enterprise has gone from performing as a development driver to a drag on margins, a lot of which is because of Fisker as it’s now flirting with doable chapter,” stated CFRA analyst Garrett Nelson.

Magna stated manufacturing of Fisker’s Ocean SUVs had been idled at its vegetation and it wrote off all belongings associated to the EV firm.

Peer Aptiv additionally reduce its annual gross sales forecast on Thursday and stated it will cut back fairness curiosity in its self-driving three way partnership, Motional, with Hyundai Motor .

Magna stated it expects full-year 2024 gross sales of USD 42.6 billion to USD 44.2 billion, versus its prior vary of USD 43.8 billion to USD 45.4 billion.

On an adjusted foundation, it earned USD 1.08 per share within the first quarter, in contrast with LSEG estimates of USD 1.24 per share.

  • Revealed On Could 4, 2024 at 12:38 PM IST

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Tags: annualAutoChainCutsEstimatesForecastlagsMagnaprofitsalessnagssupply

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