1048 ET - The US administration has said that USMCA-compliant auto parts would be exempt from May 3 tariffs, which could be a boon for embattled Magna International. TD Cowen's Brian Morrison says in a note that management revised its sales forecast mid-point by about 4% to $40.4 billion, largely reflecting revised FX assumptions and tailwinds with production estimates unchanged. Magna noted that the guidance doesn't include any effects of potential tariffs, so greater visibility could add more confidence to the guidance given. Morrison says "we are encouraged by the improved visibility on tariffs, guidance being maintained." (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
May 02, 2025 10:48 ET (14:48 GMT)
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