Magna International Inc.
) hit new 52-week high of $70.36 on Jun 14, which is above its
previous level of $69.63, and closed at $69.70 on the same date.
The closing price represented a solid one-year return of 85.1%
and year-to-date return of 37.3%.
Magna International, based in Aurora, Canada, is a leading
manufacturer and supplier of automotive components It has a
market cap of $16.3 billion. Average volume of shares traded over
the last three months stood at approximately 734.5K.
Shares of the company started escalating following its improved
first quarter results and promising guidance announced on May 10.
Magna International posted a 7.5% rise in earnings per share to
$1.57 in the first quarter of 2013 from $1.46 in the year-ago
quarter and outpaced the Zacks Consensus Estimate by 17 cents.
Net income increased 7.6% to $369.0 million from $343.0 million
in the year-ago quarter.
Revenues went up 9.1% to $8.4 billion, exceeding the Zacks
Consensus Estimate of $7.9 billion. The increase was driven by
improvement in North American and Rest of World (ROW) production
sales as well as higher tooling, engineering and other sales.
For full-year 2013, Magna expects revenues in the External
Production segment between $27.2 billion and $28.2 billion while
Complete Vehicle Assembly sales are projected in the range of
$2.8 billion to $3.1 billion. These were higher than revenues of
$26.0 billion generated from External Production and $2.6 billion
from Complete Vehicle Assembly in 2012.
Total revenue of the company is expected between $32.6 billion
and $34.0 billion for 2013. It is higher than $30.8 billion
generated in 2012.
Currently, shares of Magna International retain a Zacks Rank #1
(Strong Buy). Some other stocks that are also performing well in
the industry where Magna operates include
Tower International, Inc.
). All these companies carry a Zacks Rank #1 (Strong Buy).
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