Magna International raises earnings guidance after reporting a 3% year-over-year revenue increase for the second quarter.
Magna International posted second-quarter revenue of $11.0 billion, up 3% from the same period last year. The gain was driven by new vehicle programs and favorable foreign currency movements against the U.S. dollar.
The company had previously reported $10.7 billion in revenue for Q2 2023. Analysts had expected a modest rise, but the launch of value-added contractual programs contributed to the beat.
Magna also raised its full-year EBIT guidance, signaling confidence in sustained demand for its automotive production and engineering services.