Magna International Q1 Report 2024
They posted Sales of $11.0 billion for the first quarter of 2024, an increase of 3% from the first quarter of 2023, which compares to a 2% increase in global light vehicle production, including 2% and 11% higher production in North America and China, respectively, partially offset by 2% lower production in Europe. In addition to higher global production, our Sales benefitted from the launch of new programs and the acquisition of Veoneer Active Safety, while Sales were negatively impacted by lower volumes in our Complete Vehicles segment and the net weakening of foreign currencies against the U.S. dollar.
Adjusted EBIT increased to $469 million in the first quarter of 2024 compared to $449 million in the first quarter of 2023. The increase mainly reflected earnings on higher Sales, including higher margins due to the impact of operational excellence and cost initiatives, productivity and efficiency improvements, including lower costs at certain previously underperforming facilities, higher net transactional foreign exchange gains and lower net warranty costs.
Highlights
- Sales increased 3% to $11.0 billion, compared to a 2% rise in global light vehicle production
- Diluted earnings per share and Adjusted diluted earnings per share were $0.03 and $1.08, respectively
- Recorded asset impairments and restructuring totaling $316 million related to Fisker
- Paid dividends of $134 million
- Maintaining 2024 Adjusted EBIT Margin Outlook range of 5.4%-6.0%
