Magna Clocks 14% Sales Decline In Q4 On Chip Shortages, Lags Consensus
Magna International Inc (NYSE:MGA) reported a fourth-quarter FY21 sales decline of 14% year-on-year, to $9.11 billion, missing the analyst consensus of $9.31 billion. Global light vehicle production declined 17%, primarily driven by the semiconductor chip shortages the industry has faced throughout 2021. Body Exteriors & Structures segment sales decreased 18% Y/Y, Power &…
Benzinga ·
Benzinga
