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Magna International profit misses consensus by 22.3% in Q3

Magna International Inc. said its normalized net income for the third quarter amounted to 84 cents per share, compared with the S&P Capital IQ consensus estimate of $1.08 per share.

EPS decreased 6.8% year over year from 90 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $348.5 million, a decrease of 10.0% from $387.3 million in the year-earlier period.

The normalized profit margin dropped to 4.5% from 4.7% in the year-earlier period.

Total revenue fell 7.1% on an annual basis to $7.66 billion from $8.25 billion, and total operating expenses fell 6.8% from the prior-year period to $7.15 billion from $7.67 billion.

Reported net income fell year over year to $467.6 million, or $1.13 per share, from $488.4 million, or $1.14 per share.