Magna International (TSE:MG) has released an update.
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Magna International reported stable Q2 2024 sales of $11.0 billion, mirroring last year’s figures despite a global increase in light vehicle production. The company saw a slight dip in diluted earnings per share from $1.18 to $1.09 and adjusted diluted earnings per share from $1.54 to $1.35, while paying out $134 million in dividends. Amidst a tempered outlook for electric vehicle penetration and reduced sales forecasts, Magna is focusing on operational excellence and cost reductions to maintain its Adjusted EBIT margin and anticipates margin expansion and strong free cash flow growth.
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