Magna reports q2 adjusted loss per share of $1.71

Magna announces second quarter 2020 results.q2 loss per share $2.17.q2 sales $4.3 billion versus refinitiv ibes estimate of $4.1 billion.q2 adjusted loss per share $1.71.q2 earnings per share estimate $-1.57 -- refinitiv ibes data.reinstated financial outlook for 2020.sees 2020 total sales $30.0 billion to $32.0 billion.sees 2020 adjusted ebit margin 2.9% to 3.3%.magna- based on co expectations at beginning of the year, estimate that reduced volumes in the quarter resulted in lost sales of about $5.5 billion.magna international -updated 2020 financial outlook reflects expectations of a solid recovery in earnings and cash flow in second half of this year.sees fy 2020 capital spending approximately $1.4 billion.
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