Magna International Inc

MG

Equity

ISIN CA5592224011 / Valor 693266

Toronto Stock Exchange (2024-09-17)

CAD 56.03+2.75%

Magna International Inc
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About company

Magna International Inc is a prominent global automotive supplier with a vast network of manufacturing facilities and product development centers across multiple countries. With a large workforce dedicated to providing innovative solutions and world-class manufacturing processes, the company focuses on delivering superior value to its customers in the automotive industry.

Summarized from source with an LLMView SourceSector: Consumer Cyclicals

Sales Performance

Magna International Inc. reported sales of $11.0 billion for the second quarter of 2024, which remained level with the second quarter of 2023. This performance was in line with a 2% increase in global light vehicle production, including higher production in China and North America, partially offset by lower production in Europe.

Earnings and Adjusted EBIT

For the second quarter of 2024, Magna International Inc. reported diluted earnings per share of $1.09 and adjusted diluted earnings per share of $1.35. Adjusted EBIT for the quarter was $577 million, down from $616 million in the same period of 2023, reflecting various operational challenges and foreign exchange impacts.

Income and Net Income

Income from operations before income taxes for Magna International Inc. was $427 million in the second quarter of 2024, compared to $483 million in the second quarter of 2023. Net income attributable to Magna International Inc. was $313 million, down from $339 million in the same period of the previous year.

Cash Flow and Investments

In the second quarter of 2024, Magna International Inc. generated $681 million in cash from operations before changes in operating assets and liabilities. Investment activities included $500 million in fixed asset additions, a $170 million increase in investments, and $56 million for acquisitions.

Dividends and Shareholder Returns

During the second quarter of 2024, Magna International Inc. paid $134 million in dividends. The Board of Directors declared a second quarter dividend of $0.475 per Common Share, payable on August 30, 2024, to shareholders of record as of August 16, 2024.

Summarized from source with an LLMView Source

Key figures

-27.7%1Y

-42.1%3Y

-21.4%5Y

Performance

27.9%1Y

33.7%3Y

37.2%5Y

Volatility