BUZZ-Magna International Inc: Forecasts fall in 2015 revenue

Wed Jan 14, 2015 10:54am EST
 
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** Canadian auto parts maker's U.S.-listed shares down 5.5 pct at $97.30; Toronto-listed shares down 5.63 pct at C$116.28

** Magna forecasts a surprise fall in 2015 revenue, hurt by falling sales in its production and contract manufacturing businesses

** Expects total revenue of $34.4 bln-$36.1 bln in 2015, below analysts' average estimate of $37.7 bln

** Forecast also below company's estimated sales of $35.8 bln-$37.0 bln in 2014

** Sees total capital spending of $1.5 bln-$1.7 bln in 2015, more than the estimated 2014 capital budget of about $1.4 bln

** Up to Tuesday's close, Toronto-listed shares had risen about 36 pct in the past 12 months