Magna International (TSE:MG) has released an update.
Magna International reported a 3% increase in sales to $11.0 billion in Q1 of 2024, outpacing global light vehicle production growth. Despite recording substantial asset impairments and restructuring costs primarily related to Fisker amounting to $316 million, the company is holding steady on its 2024 Adjusted EBIT Margin Outlook of 5.4%-6.0%. Shareholders saw dividends of $134 million distributed during the quarter.
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