By late afternoon, shares had added 5.2% to $93.77.
The Canadian auto supplier reported fourth-quarter net income of $2.03 a share and revenue of $9.17 billion, 14.2% higher than a year earlier.
Analysts surveyed by Thomson Reuters had forecast net income of $1.54 a share and total sales of $8.87 billion.
Full-year earnings of $7.23 a share beat consensus by 83 cents a share. Revenue of $34.8 billion was $438 million higher than estimates.
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TheStreet Ratings team rates MAGNA INTERNATIONAL INC as a Buy with a ratings score of A+. The team has this to say about their recommendation:
"We rate MAGNA INTERNATIONAL INC (MGA) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, revenue growth, attractive valuation levels, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
- You can view the full analysis from the report here: MGA Ratings Report