Company News

BUZZ-Magna International: Slides on 2019 outlook cut, weak Q1 results

** Shares of the Canadian auto-parts maker fall ~10% to C$64.62; U.S.-listed shares drop as much to $47.98

** Co’s Q1 adj EPS of $1.63 miss analysts’ est. of $1.71; Revenues of $10.59 bln, below est. of $10.70 bln - Refinitiv IBES

** Co says sales in two of its biggest units were hurt by higher costs and a fall in light vehicle production across N. America, Europe and China

** Co faced a challenging global production environment, negative impact of foreign currency translation and unanticipated costs in electronics business in Q1 - CFO

** Cuts FY19 net income attributable to co to $1.9 bln-$2.1 bln, from $2.1 bln-$2.3 bln; Total sales to $39.1 bln-$41.3 bln, from $40.2 bln-$42.4 bln

** Including session’s losses, MG.TO up ~4%, MGA.N 5.5% YTD (Reporting by Shanti S Nair in Bengaluru)