Magna International ( (TSE:MG) ) has shared an announcement.
In its latest financial report for the year ended December 31, 2024, Magna International Inc. announced that its total sales remained steady at $42.8 billion, despite challenges such as lower production volumes and currency fluctuations. The company highlighted its strategic achievements, including the acquisition of Veoneer Active Safety and the launch of new programs, which helped offset the negative impacts of the UAW labor strikes in 2023. Magna also reported a modest decline in adjusted diluted earnings per share due to higher interest costs and tax rates, although adjusted EBIT improved due to favorable commercial negotiations and operational efficiencies. The company continued to invest in its business, generating $3.6 billion in cash from operating activities and returning $746 million to shareholders. Strategic wins included new contracts for advanced automotive systems and recognition with industry awards, reinforcing Magna’s position as an innovator in the automotive sector.
More about Magna International
Magna International Inc. is a leading global mobility technology company with over 170,000 employees across 341 manufacturing operations and 106 product development, engineering, and sales centers in 28 countries. The company specializes in automotive systems and components, leveraging its extensive expertise to advance mobility solutions in the transportation industry.
YTD Price Performance: -7.37%
Average Trading Volume: 1,637,170
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $10.97B
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