Magna International is a leading global automotive supplier that designs, develops, and manufactures a wide range of vehicle components and systems
The company offers a diverse portfolio of products, including body and chassis, powertrain, exterior and interior systems, and seating solutions, catering to various automotive manufacturers worldwide. With a focus on innovation and sustainability, Magna is actively involved in developing advanced technologies such as electric vehicle components and automated driving systems, positioning itself as a key player in the evolving automotive landscape. Its extensive operations encompass a global network of manufacturing facilities and engineering centers, allowing Magna to meet the demands of its customers while emphasizing quality and performance.
Magna International reported a 2% year-on-year sales growth for Q4 FY24, reaching $10.63 billion, surpassing expectations. Adjusted EPS of $1.69 exceeded the consensus of $1.52.
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U.S. stocks were priming for more losses on Friday as traders await the key non-farm payrolls report. Tech stocks could again take the brunt of the selling amid some sector-specific concerns and the ongoing rotation out of the sector. Against the backdrop, the payroll data could be a make-or-break catalyst for the market.
