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Magna International Inc. announced the results of its 2024 annual meeting, where all 12 nominees were re-elected to the Board, Deloitte was reappointed as the independent auditor, and the 'Say on Pay' resolution was approved. The Board also confirmed key positions. Magna is a global mobility technology company with a vast workforce and decades of expertise.
Magna International Inc. (TSX: MG; NYSE: MGA) reported first quarter 2024 results with sales up 3% to $11.0 billion, diluted earnings per share at $0.03, and adjusted diluted earnings per share at $1.08. The company recorded asset impairments and restructuring costs related to Fisker, paid dividends of $134 million, and maintained its 2024 Adjusted EBIT Margin Outlook range of 5.4%-6.0%.
Magna has won the 2024 Automotive News PACE Award and received multiple PACEpilot Innovation to Watch recognitions. The company's Integrated Driver & Occupant Monitoring System, EcoSphere 100% Melt-Recyclable Foam and Trim, and Modular & Scalable Active Grille Shutter Assembly were recognized for their innovation and sustainability. Magna was the only company to receive both a PACE Award and multiple PACEpilot Awards.