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Magna: 1Q Earnings Snapshot

Associated Press
Updated ·1-min read

AURORA, Ontario (AP) _ Magna International Inc. (MGA) on Thursday reported first-quarter net income of $261 million.

The Aurora, Ontario-based company said it had profit of 86 cents per share.

The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.

The automotive supply company posted revenue of $8.66 billion in the period.

Magna shares have dropped 34% since the beginning of the year. The stock has decreased 33% in the last 12 months.

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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