Magna International Inc. (MGA - Free Report) has provided the outlook for 2019. This Aurora, Canada-based manufacturer and supplier of automotive components has announced that its revenues in 2019 will be impacted by the disposition of the Fluid Pressure & Controls (“FP&C”) business and appreciating dollar.
In September 2018, Magna inked a deal to divest its global FP&C. For this divestiture, the company signed an agreement with Hanon Systems, a global supplier of thermal and energy management systems based in South Korea, for $1.23 billion.
Magna added that its North American business will be affected by General Motors Company’s (GM - Free Report) decision to close its Oshawa plant in Ontario. Notably, in November, as part of its restructuring program, General Motors announced the closure of three assembly plants.
For 2019, Magna expects total revenues of $40.2-$42.4 billion and net income of $2.1-$2.3 billion. Further, the company expects a slight decline in EBIT margin in 2019 due to elevated commodity costs, and higher spending on electrification and autonomy.
Over the past year, shares of Magna have outperformed the industry it belongs to. Over the time frame, shares of the company have lost 15.8%, whereas the industry declined 31.5%. Further, Magna has an expected long-term growth rate of 8.5%.
While Magna currently carries a Zacks Rank #2 (Buy), General Motors has a Zacks Rank #3 (Hold).
A couple of other top-ranked stocks in the auto space are Fox Factory Holding Corp. (FOXF - Free Report) and AutoZone, Inc. (AZO - Free Report) . While Fox Factory currently sports a Zacks Rank #1 (Strong Buy), AutoZone currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Fox Factory has an expected long-term growth rate of 17.9%. Over the past year, shares of the company have risen 56.5%.
AutoZone has an expected long-term growth rate of 12%. Over the past year, shares of the company have increased 5.3%.
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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Magna International Inc. (MGA - Free Report) has provided the outlook for 2019. This Aurora, Canada-based manufacturer and supplier of automotive components has announced that its revenues in 2019 will be impacted by the disposition of the Fluid Pressure & Controls (“FP&C”) business and appreciating dollar.
In September 2018, Magna inked a deal to divest its global FP&C. For this divestiture, the company signed an agreement with Hanon Systems, a global supplier of thermal and energy management systems based in South Korea, for $1.23 billion.
Magna added that its North American business will be affected by General Motors Company’s (GM - Free Report) decision to close its Oshawa plant in Ontario. Notably, in November, as part of its restructuring program, General Motors announced the closure of three assembly plants.
For 2019, Magna expects total revenues of $40.2-$42.4 billion and net income of $2.1-$2.3 billion. Further, the company expects a slight decline in EBIT margin in 2019 due to elevated commodity costs, and higher spending on electrification and autonomy.
Over the past year, shares of Magna have outperformed the industry it belongs to. Over the time frame, shares of the company have lost 15.8%, whereas the industry declined 31.5%. Further, Magna has an expected long-term growth rate of 8.5%.
While Magna currently carries a Zacks Rank #2 (Buy), General Motors has a Zacks Rank #3 (Hold).
A couple of other top-ranked stocks in the auto space are Fox Factory Holding Corp. (FOXF - Free Report) and AutoZone, Inc. (AZO - Free Report) . While Fox Factory currently sports a Zacks Rank #1 (Strong Buy), AutoZone currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Fox Factory has an expected long-term growth rate of 17.9%. Over the past year, shares of the company have risen 56.5%.
AutoZone has an expected long-term growth rate of 12%. Over the past year, shares of the company have increased 5.3%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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