Magna International (TSE:MG) has released an update.
Magna International Inc. reported a 3% sales increase to $11.0 billion in Q1 2024, outpacing global light vehicle production, but faced a significant earnings dip with diluted EPS at $0.03, down from $0.73 the previous year. The results were impacted by $316 million in asset impairments and restructuring costs, mostly associated with the Fisker project, although the company maintains its Adjusted EBIT Margin Outlook for the year.
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