Magna International Inc. Q3 adjusted earnings Miss Estimates

Magna International Inc. (MGA) reported a profit for third quarter that fell from last year.

The company's profit came in at $11 million, or $0.04 per share. This compares with $405 million, or $1.35 per share, in last year's third quarter.

Excluding items, Magna International Inc. reported adjusted earnings of $170 million or $0.56 per share for the period.

Analysts had expected the company to earn $1.59 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 13.3% to $7.92 billion from $9.13 billion last year.

Magna International Inc. earnings at a glance:

-Earnings (Q3): $170 Mln. vs. $585 Mln. last year.
-EPS (Q3): $0.56 vs. $1.95 last year.
-Analysts Estimate: $1.59
-Revenue (Q3): $7.92 Bln vs. $9.13 Bln last year.

Full year revenue guidance: $35.4 - $36.4 Bln

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