Mobility technology company Magna International, Inc. (MGA,MG.TO) Friday reported a loss in its fourth quarter, compared to prior year's profit, while adjusted earnings and top line beat market estimates. Further, the company issued fiscal 2026 forecast above the Street.
In pre-market activity, the shares were trading 8.1 percent higher at $62.50.
In the quarter, net loss attributable to the company was $1 million or breakeven per share, compared to prior year's profit of $203 million or $0.71 per share.
Adjusted earnings per share were $2.18, compared to $1.69 a year ago.
The Wall Street analysts on average expected the company to report earnings of $1.80 per share. Analysts' estimates typically exclude special items.
Adjusted EBIT increased 18 percent year-over-year to $814 million, with Adjusted EBIT margin expanding 100 basis points to 7.5 percent.
Sales increased 2 percent to $10.85 billion from last year's $10.63 billion, despite a 1 percent decline in global light vehicle production.
The Street was looking for sales of $10.54 billion for the quarter.
Looking ahead for fiscal 2026, the company projects adjusted earnings per share in the range of $6.25 to $7.25, adjusted EBIT Margin between 6.0 percent and 6.6 percent, and sales between $41.9 billion and $43.5 billion.
Analysts expect the company to report earnings of $5.98 per share on sales of $42.19 billion for the full year.
In fiscal 2025, adjusted earnings per share were $5.73, and sales were $42.01 billion.
Magna said it expects solid top-line performance and sustained progress toward long-term margin objectives.
The company further said it intends to repurchase remaining 22 million shares available under current buyback authorization.
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