Analyst Note| Richard Hilgert |
No-moat rated Magna International reported first-quarter revenue and earnings per share before special items (EPS) that beat FactSet consensus estimates. Revenue increased 18% year over year to $10.2 billion from $8.7 billion and exceeded the consensus by slightly more than $400 million. Excluding positive currency effect, organic revenue rose 9%. The increase represented 3 percentage points of outperformance compared with global light vehicle production weighted to Magna’s customer base. EPS of $1.86 trounced the $1.61 consensus by $0.25 and was up $1.00 from the $0.86 reported a year ago.