{"id":9265,"date":"2023-11-03T19:31:38","date_gmt":"2023-11-03T19:31:38","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/magna-raises-2023-profit-forecast-flags-impact-from-uaw-strikes\/"},"modified":"2023-11-03T19:31:39","modified_gmt":"2023-11-03T19:31:39","slug":"magna-raises-2023-profit-forecast-flags-impact-from-uaw-strikes","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=9265","title":{"rendered":"Magna raises 2023 profit forecast, flags impact from UAW strikes"},"content":{"rendered":"
\n
\n

\u00a9 Reuters. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS\/Wolfgang Rattay<\/span>
\n<\/i>\n<\/div>\n

By Nathan Gomes<\/p>\n

(Reuters) – Canadian auto parts supplier Magna International <\/span><\/span> (NYSE:) raised its 2023 profit forecast on Friday, but flagged an impact from the United Auto Workers (UAW) union strike in North America.<\/p>\n

Magna’s U.S.-listed shares jumped about 14% in morning trade, after the company also beat third-quarter expectations.<\/p>\n

Suppliers had benefited from an uptick in demand for their auto parts, software and tech as vehicle makers around the globe rush to push out safer vehicles with advanced driver-aid systems and higher efficiencies.<\/p>\n

CFRA analyst Garrett Nelson, however, said he sees “ample headwinds” for auto suppliers as they head into 2024.<\/p>\n

Analysts expect auto parts makers to feel the heat after the UAW’s near six-week long strike shut operations at the Detroit Three automakers \u2014 General Motors (NYSE:), Ford Motor (NYSE:) and Stellantis NV (NYSE:).<\/p>\n

Magna, with an exposure of 13%-15% to GM, Ford and Chrysler-parent Stellantis, said its outlook reflected an impact from the UAW strikes at certain customers and full-year sales were expected to be down by $310 million.<\/p>\n

The company expects full-year total sales to be between $42.1 billion and $43.1 billion, compared with its prior forecast range of $41.9 billion to $43.5 billion.<\/p>\n

Peer Aptiv (NYSE:) also on Thursday warned of a $180 million hit to its full-year sales from the UAW strikes.<\/p>\n

Additionally, GM and Ford have scaled back their investment plans on electric vehicles.<\/p>\n

Magna expects full-year adjusted profit to be between $1.55 billion and $1.65 billion, compared with $1.4 billion to $1.6 billion forecast earlier.<\/p>\n

It raised its forecast assumption for light vehicle production in Europe and China but retained prior assumption for North America.<\/p>\n

On an adjusted basis, Magna earned $1.46 per share for the third quarter, compared with LSEG estimates of $1.33 per share.<\/p>\n

Quarterly sales were at $10.69 billion, compared with analysts’ average estimate of $10.37 billion. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS\/Wolfgang Rattay…<\/p>\n","protected":false},"author":1,"featured_media":3890,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-9265","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nMagna raises 2023 profit forecast, flags impact from UAW strikes | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS\/Wolfgang Rattay By Nathan\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=9265\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Magna raises 2023 profit forecast, flags impact from UAW strikes | inFundPros\" \/>\n<meta property=\"og:description\" content=\"\u00a9 Reuters. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS\/Wolfgang Rattay By Nathan\" \/>\n<meta property=\"og:url\" content=\"https:\/\/infundpros.com\/?p=9265\" \/>\n<meta property=\"og:site_name\" content=\"inFundPros\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-03T19:31:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-03T19:31:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/LYNXMPED0C0KP_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Press Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Press Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/infundpros.com\/?p=9265#article\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/?p=9265\"},\"author\":{\"name\":\"Press Room\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\"},\"headline\":\"Magna raises 2023 profit forecast, flags impact from UAW strikes\",\"datePublished\":\"2023-11-03T19:31:38+00:00\",\"dateModified\":\"2023-11-03T19:31:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/infundpros.com\/?p=9265\"},\"wordCount\":327,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"articleSection\":[\"Stocks\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/infundpros.com\/?p=9265#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/infundpros.com\/?p=9265\",\"url\":\"https:\/\/infundpros.com\/?p=9265\",\"name\":\"Magna raises 2023 profit forecast, flags impact from UAW strikes | inFundPros\",\"isPartOf\":{\"@id\":\"https:\/\/infundpros.com\/#website\"},\"datePublished\":\"2023-11-03T19:31:38+00:00\",\"dateModified\":\"2023-11-03T19:31:39+00:00\",\"description\":\"\u00a9 Reuters. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS\/Wolfgang Rattay By Nathan\",\"breadcrumb\":{\"@id\":\"https:\/\/infundpros.com\/?p=9265#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/infundpros.com\/?p=9265\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/infundpros.com\/?p=9265#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/infundpros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Magna raises 2023 profit forecast, flags impact from UAW strikes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/infundpros.com\/#website\",\"url\":\"https:\/\/infundpros.com\/\",\"name\":\"Fintech Advance\",\"description\":\"Latest Finance and Tech News and Updates\",\"publisher\":{\"@id\":\"https:\/\/infundpros.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/infundpros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/infundpros.com\/#organization\",\"name\":\"Fintech Advance\",\"url\":\"https:\/\/infundpros.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png\",\"width\":409,\"height\":70,\"caption\":\"Fintech Advance\"},\"image\":{\"@id\":\"https:\/\/infundpros.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff\",\"name\":\"Press Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/infundpros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"contentUrl\":\"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png\",\"caption\":\"Press Room\"},\"sameAs\":[\"https:\/\/infundpros.com\"],\"url\":\"https:\/\/infundpros.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Magna raises 2023 profit forecast, flags impact from UAW strikes | inFundPros","description":"\u00a9 Reuters. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS\/Wolfgang Rattay By Nathan","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/infundpros.com\/?p=9265","og_locale":"en_US","og_type":"article","og_title":"Magna raises 2023 profit forecast, flags impact from UAW strikes | inFundPros","og_description":"\u00a9 Reuters. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS\/Wolfgang Rattay By Nathan","og_url":"https:\/\/infundpros.com\/?p=9265","og_site_name":"inFundPros","article_published_time":"2023-11-03T19:31:38+00:00","article_modified_time":"2023-11-03T19:31:39+00:00","og_image":[{"width":800,"height":533,"url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/LYNXMPED0C0KP_L.jpg","type":"image\/jpeg"}],"author":"Press Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Press Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/infundpros.com\/?p=9265#article","isPartOf":{"@id":"https:\/\/infundpros.com\/?p=9265"},"author":{"name":"Press Room","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff"},"headline":"Magna raises 2023 profit forecast, flags impact from UAW strikes","datePublished":"2023-11-03T19:31:38+00:00","dateModified":"2023-11-03T19:31:39+00:00","mainEntityOfPage":{"@id":"https:\/\/infundpros.com\/?p=9265"},"wordCount":327,"commentCount":0,"publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"articleSection":["Stocks"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/infundpros.com\/?p=9265#respond"]}]},{"@type":"WebPage","@id":"https:\/\/infundpros.com\/?p=9265","url":"https:\/\/infundpros.com\/?p=9265","name":"Magna raises 2023 profit forecast, flags impact from UAW strikes | inFundPros","isPartOf":{"@id":"https:\/\/infundpros.com\/#website"},"datePublished":"2023-11-03T19:31:38+00:00","dateModified":"2023-11-03T19:31:39+00:00","description":"\u00a9 Reuters. FILE PHOTO: Magna logo is during Munich Auto Show, IAA Mobility 2021 in Munich, Germany, September 8, 2021. REUTERS\/Wolfgang Rattay By Nathan","breadcrumb":{"@id":"https:\/\/infundpros.com\/?p=9265#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/infundpros.com\/?p=9265"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/infundpros.com\/?p=9265#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/infundpros.com\/"},{"@type":"ListItem","position":2,"name":"Magna raises 2023 profit forecast, flags impact from UAW strikes"}]},{"@type":"WebSite","@id":"https:\/\/infundpros.com\/#website","url":"https:\/\/infundpros.com\/","name":"Fintech Advance","description":"Latest Finance and Tech News and Updates","publisher":{"@id":"https:\/\/infundpros.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/infundpros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/infundpros.com\/#organization","name":"Fintech Advance","url":"https:\/\/infundpros.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/tech-logo.png","width":409,"height":70,"caption":"Fintech Advance"},"image":{"@id":"https:\/\/infundpros.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/infundpros.com\/#\/schema\/person\/87f7e632b195ea95c91503d9281f5eff","name":"Press Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/infundpros.com\/#\/schema\/person\/image\/","url":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","contentUrl":"https:\/\/infundpros.com\/wp-content\/uploads\/2023\/10\/avatar_user_1_1697230663-96x96.png","caption":"Press Room"},"sameAs":["https:\/\/infundpros.com"],"url":"https:\/\/infundpros.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/9265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9265"}],"version-history":[{"count":1,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/9265\/revisions"}],"predecessor-version":[{"id":9266,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/posts\/9265\/revisions\/9266"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=\/wp\/v2\/media\/3890"}],"wp:attachment":[{"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infundpros.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}