Magna International Posts Q2 Results Beat

Magna International, a global automotive supplier, reported Friday Q2 net profit of $1.48 per share, up from $1.41 per share in the prior year period and higher than the $1.46 per share Street estimate. Sales were $9.68 billion, up from $9.44 billion reported for the same period last year and above the $9.5 billion Street estimate.

For 2017, the company expects total sales to range from $37.7 billion to $39.4 billion. The Street consensus calls for revenues of $37.52 billion.

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