Magna International Stock Drops After Strong Q1 Results Fail to Improve Full-Year Outlook
Despite reporting better-than-expected first-quarter earnings, Magna International (NYSE:MGA) cut its full-year sales guidance, leading to a 10% drop in stock price. The company reported $1.38 adjusted EPS and revenue of $10.38 billion but faced an impairment charge from the Lighting and Rooftop Systems businesses.
Topics: full-year guidance cut Magna Q1 earnings beat stock price reaction