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Magna International (NYSE: MGA, TSX: MG) is a global leader in mobility technology, providing comprehensive solutions for the automotive industry. Established in 1957 and headquartered in Aurora, Ontario, Magna specializes in a range of products including exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling, engineering, and contract vehicle assembly.
With an entrepreneurial culture and a corporate constitution that ensures profit distribution among various stakeholders, Magna employs over 179,000 people across 344 manufacturing operations and 104 product development, engineering, and sales centers in 29 countries. In 2023, the company generated $42.8 billion in revenue, with 48% from North America, 38% from Europe, and the remainder from Asia.
Magna's top customers include General Motors (14% of total revenue), Mercedes, and BMW, which together account for 76% of the company’s revenue. The firm's broad product portfolio and innovative approach have positioned it as a key player in the automotive industry.
In recent developments, Magna has expanded its electrification efforts. Notably, the company secured a contract to supply a primary rear eDrive system for a high-end vehicle platform in North America. This system, a variant of Magna’s 800V eDS Duo, integrates two e-motors, two inverters, and two gearboxes, delivering 726 kW of power and 8,000 Nm of torque.
Magna also announced a partnership with Serve Robotics to manufacture delivery robots, enhancing the adoption of robotics in logistics. This aligns with Magna’s strategic focus on innovation and supporting the automotive industry's transition to electrification and automation.
Magna’s financial health is robust, with strategic investments and an ongoing share repurchase program aimed at maximizing shareholder value. The company's forward-looking approach includes collaboration with industry leaders and continuous development of cutting-edge technologies.
For more information, visit www.magna.com.
Magna International reported Q4 2024 results with sales increasing 2% to $10.6 billion. The company posted diluted earnings per share of $0.71 and adjusted diluted earnings per share of $1.69, compared to $0.94 and $1.33 in Q4 2023, respectively.
Key financial highlights include $1.9 billion generated in cash from operating activities and $335 million returned to shareholders through dividends and share repurchases. The company raised its quarterly dividend by 2% to $0.485 per share.
Looking ahead, Magna's 2025 outlook projects sales between $38.6-$40.2 billion with Adjusted EBIT margin of 5.3-5.8%. For 2026, sales are expected to grow to $40.5-$42.6 billion with improved margins of 6.5-7.2%. The company anticipates Free Cash Flow of $1.5 billion or more by 2026.
Magna has expanded its long-term partnership with Mercedes-Benz, strengthening their collaboration through development and engineering services for Mercedes' new electric off-roader model. The partnership, spanning several decades, includes the production of over 500,000 iconic off-roaders at Magna's Graz facility since 1979.
In 2024, Magna began producing the eDS Duo, an advanced electric drive system, at its Lannach facility. This 2-speed, dual e-motor drive system delivers up to 240 kW of power and features unique capabilities like the 'G-Turn,' allowing 360-degree rotation in place. The system utilizes silicon carbide and decoupling technology for optimized efficiency and exceptional off-road performance.
Magna International Inc. (TSX:MG, NYSE:MGA) has announced the date for their Q4 and year-end 2024 results and 2025 outlook webcast. The live audio webcast will be held on Friday, February 14, 2025, at 8:00 AM ET. Interested participants can register for the webcast at the provided link. Dial-in details for the call are: Toll-Free 1-800-715-9871 and Toll 1-646-307-1963, using Conference ID: 9829976. A slide presentation will be available on the company's website prior to the call.
A rebroadcast of the webcast will be available two hours after the call until February 21, 2025. The toll-free dial-in for the replay is 1-800-770-2030 and toll dial-in is 1-609-800-9909, with the same Conference ID: 9829976. For investor inquiries, contact Louis Tonelli, Vice-President, Investor Relations, at louis.tonelli@magna.com or 905-726-7035. Webcast inquiries can be directed to Nancy Hansford, Executive Assistant, Investor Relations, at nancy.hansford@magna.com or 905-726-7108.
Magna has secured its first award for a Dedicated Hybrid Drive (DHD) Duo system from a leading Chinese OEM. The system features an advanced dual e-motor and multi-speed design with 800V technology, delivering a longitudinal front drive solution. The scalable design supports B to E vehicle segments and provides flexibility for various configurations including electric, serial, and parallel driving modes. Production is scheduled to start in Q3 2025 at Magna's Nanchang facility.
Magna International has announced a new Normal Course Issuer Bid (NCIB) to purchase up to 28,500,000 Common Shares, representing approximately 10% of its public float. This new NCIB replaces the prior program that would have expired in February 2025. Under the previous NCIB, Magna purchased 98,636 shares at a weighted average price of CDN $70.56. The new program will run from November 7, 2024, to November 6, 2025, with purchases to be made on the TSX and NYSE. The company has also established an automatic share purchase plan to facilitate buybacks during blackout periods.
Magna International reported Q3 2024 financial results with sales of $10.3 billion, down 4% year-over-year, aligning with global light vehicle production decline. Diluted earnings per share increased to $1.68 from $1.37, primarily due to Fisker deferred revenue recognition of $196 million. However, adjusted diluted EPS decreased to $1.28 from $1.46, including a $0.10 impact from higher tax rates. The company announced plans for a Normal Course Issuer Bid to purchase up to 10% of public float Common Shares starting Q4 2024. The company updated its 2024 outlook, projecting total sales of $42.2-$43.2 billion and adjusted EBIT margin of 5.4-5.5%.
Magna has unveiled its innovative Dual Clutch Transmission Eco (DCT Eco) solution, securing its first high-volume contract with a European OEM. The transmission system features a modular design that can support both ICE and hybrid powertrains with minimal modifications. The DCT Eco offers high efficiency and optimal torque-to-weight ratio in a compact form, delivering significant CO² benefits for B- and C-segment vehicles.
Production has already begun, with successful launches in South America and planned European model implementations in 2025. The system's building block strategy enables easy scalability, supporting various hybrid configurations from 48V mild hybrids to 120 kW 400 Volt solutions.
Magna International Inc. (TSX:MG) (NYSE:MGA) has announced the date for its Q3 2024 results webcast, scheduled for Friday, November 1, 2024, at 8:00 AM ET. The company will host a live audio webcast, with registration available at the provided link. For those preferring to dial in, toll-free and toll numbers are available, along with a conference ID.
A slide presentation will be accessible on Magna's website prior to the call. For those unable to attend live, a rebroadcast will be available for one week following the call. Investor relations contacts have been provided for further inquiries.
Magna International Inc. (TSX: MG; NYSE: MGA) has advised shareholders to reject an unsolicited mini-tender offer from TRC Capital Investment The offer is to purchase up to 2,000,000 Magna Common Shares (less than 1% of outstanding shares) at CDN $57.90 per share. Magna highlights that this price is 4.49% below the market price as of July 29, 2024, and the offer is highly conditional. Despite a current premium due to recent price drops, Magna emphasizes the offer's risks, including TRC Capital's ability to withdraw if share prices fall below CDN $57.58. Magna urges shareholders to exercise caution, obtain current market quotations, and consult with financial advisors before responding to the offer.
Magna International Inc. reported its Q2 2024 financial results with sales of $11.0 billion, unchanged from Q2 2023. Diluted earnings per share were $1.09, while Adjusted diluted earnings per share were $1.35. The company paid dividends of $134 million. Magna's 2024 outlook for Total Sales remains largely unchanged, with Adjusted EBIT Margin range narrowed to 5.4% to 5.8%.
Key highlights include:
- Income from operations before income taxes: $427 million
- Net income attributable to Magna: $313 million
- Adjusted EBIT: $577 million
The company's performance was impacted by lower volumes on certain key vehicle programs in North America, but efforts in operational excellence, cost reductions, and launches are helping maintain the 2024 Adjusted EBIT margin range.
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