Shares of Magna International Inc. (MGA) are declining more than 13 percent on Friday morning trade after the company reported fourth-quarter earnings that fell from the prior year.
The quarterly earnings were $95 million or $0.33 per share, down from $464 million or $1.54 per share a year ago. On an adjusted basis, earnings were $0.91 per share.
On average, 17 analysts polled by Thomson Reuters expected the company to earn $1.06 per share. Analysts' estimates usually exclude special items.
Looking ahead to the full year 2023, the company projects earnings of $1.1 -$1.4 billion.
Currently, shares are at $55.58, down 13.95 percent from the previous close of $64.59 on a volume of 1,634,801.
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