MGA Sep 2024 47.500 call
| Previous close | 4.0500 |
| Open | 3.2000 |
| Bid | 2.9500 |
| Ask | 3.1000 |
| Strike | 47.50 |
| Expiry date | 2024-09-20 |
| Day's range | 3.0000 - 3.3000 |
| Contract range | N/A |
| Volume | |
| Open interest | 39 |
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- Reuters
UPDATE 1-Magna lags profit estimates, cuts annual sales forecast on supply chain snags
Canada's Magna International missed first-quarter profit estimates and cut its full-year overall sales forecast on Friday, as auto parts suppliers navigate ongoing supply constraints and bumpy demand for electric vehicles. Auto parts suppliers have been struggling with lower-than-expected demand for their EV components, as carmakers shift their focus toward producing affordable hybrid vehicles instead. Magna, which produces powertrains, along with assembling complete vehicles, signed agreements with Fisker in 2020 to engineer and manufacture its Ocean SUV.
GlobeNewswireMagna Announces First Quarter 2024 Results
Swamy Kotagiri, Magna’s Chief Executive Officer "Our first quarter results exceeded our expectations for sales and earnings, excluding the impact of impairment charges. As a result of our continued focus on cost containment, customer recoveries and operational excellence, we are maintaining our Adjusted EBIT margin outlook range for 2024 and see continued progress on our planned margin expansion despite uncertainty of electrification volumes and product mix in the industry." - Swamy Kotagiri, Ma
