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Magna International profit misses consensus by 16.6% in Q2

Magna International Inc. said its normalized net income for the second quarter was $1.23 per share, compared with the S&P Capital IQ consensus estimate of $1.47 per share.

EPS climbed year over year from $1.20.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $465.1 million, a decline from $476.4 million in the prior-year period.

The normalized profit margin declined to 4.8% from 5.0% in the year-earlier period.

Total revenue grew year over year to $9.68 billion from $9.44 billion, and total operating expenses increased year over year to $8.97 billion from $8.72 billion.

Reported net income came to $561.7 million, or $1.48 per share, compared with $557.9 million, or $1.41 per share, in the prior-year period.