May 03, 2024 10:10 GMT
Magna (A3/A-): 1Q24 Results
CONSUMER CYCLICALS
Small miss and outlook revision, unlikely to be a spread mover
- Revenue came in line with expectations, while adj. EBIT missed by 5%.
- FCF looks similar to last year at -$232mn vs -$197mn, in a seasonal cash outflow quarter.
- FY24 outlook is downgraded slightly with sales and net income forecast reduced by 3% and 6% with capex also slightly lowered. EBIT margins affirmed.
- Call 13.00 BST https://events.q4inc.com/attendee/510210737
Keep reading...Show less
67 words