SPX3,978.73+37.25 0.95%
DIA321.28+1.89 0.59%
IXIC11,434.74+170.29 1.51%

Auto parts maker Magna lowers outlook on ongoing chip shortage

reuters.com · 04/29/2022 05:10
Auto parts maker Magna lowers outlook on ongoing chip shortage

- Auto parts maker Magna International Inc MGA on Friday lowered its annual profit forecast, indicating that a global semiconductor shortage and rising raw material prices would continue to weigh on global vehicle production.

Magna expects net income attributable to the company between $1.3 billion and $1.5 billion, down from its previous forecast of $1.7 billion to $1.9 billion.




(Reporting by Kannaki Deka in Bengaluru;
Editing by Vinay Dwivedi)

((Kannaki.Deka@thomsonreuters.com;))