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Magna International profit misses consensus by 15.6% in Q3


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Magna International profit misses consensus by 15.6% in Q3

Magna International Inc. said its normalized net income for the third quarter came to $1.11 per share, compared with the S&P Capital IQ consensus estimate of $1.31 per share.

EPS climbed year over year from $1.08.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $411.0 million, a decrease from $421.5 million in the year-earlier period.

The normalized profit margin dropped to 4.3% from 4.8% in the year-earlier period.

Total revenue increased 7.3% year over year to $9.50 billion from $8.85 billion, and total operating expenses increased 8.0% on an annual basis to $8.85 billion from $8.20 billion.

Reported net income totaled $503.7 million, or $1.36 per share, compared with $501.8 million, or $1.29 per share, in the prior-year period.