Magna lowers FY24 revenue view to $42.2B-$43.2B from $42.5B-$44.1B

Consensus $42.79B. Narrows FY24 adjusted EBIT margin to 5.4%-5.5% from 5.4%-5.8%. Lowers FY24 capital spending view to $2.2B-$2.3B from $2.3B-$2.4B. The company said, “We first disclose a full-year Outlook annually in February, with quarterly updates. The following Outlook is an update to our previous Outlook in August 2024.”