Welcome to our dedicated page for Magna Intern news (Ticker: MGA), a resource for investors and traders seeking the latest updates and insights on Magna Intern stock.
Magna International (MGA) is a global leader in automotive and mobility technology solutions, providing advanced engineering and manufacturing expertise to major automotive brands worldwide. This page serves as the definitive source for verified company news, offering investors and industry professionals direct access to Magna's latest developments.
Our continuously updated repository features official press releases, earnings reports, and strategic announcements. Users will find detailed information on product innovations, manufacturing expansions, and technology partnerships that demonstrate Magna's leadership in areas like electric vehicle systems, robotics integration, and smart mobility solutions.
The curated news collection includes updates across key business priorities: quarterly financial results, new contract awards, R&D breakthroughs in automotive components, and collaborations shaping the future of transportation. Each entry provides factual context to help stakeholders understand MGA's market position and operational trajectory.
Bookmark this page to stay informed about Magna International's evolving role in the automotive supply chain through reliable, up-to-date information directly from corporate sources. Check back regularly for new developments impacting the company's global operations and technological advancements.
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.
Magna International will release its Q2 2024 financial results on August 2, 2024, at 8:00 AM ET. The announcement will be made via a live audio webcast, accessible through a registration link. For those unable to attend, a rebroadcast will be available two hours post-call until August 9, 2024. Investors can access the slide presentation on Magna's official website ahead of the call. Contact information for investor and teleconference inquiries is provided.
Magna's stock symbol is MGA on the NYSE.
Magna has secured its first contract to provide a reconfigurable seating system to a Chinese OEM, marking a significant advancement in vehicle interior design. The innovative system features fully rotating front seats on long rails, allowing for increased in-cabin space and versatility. The system integrates power swivel seats with nearly two meters of long rails shared by both front and rear rows, enabling a 270-degree rotation. Additionally, it includes an integrated seat belt and a universal magnetic interface for compatibility with external devices. The reconfigurable seating system will be manufactured in China, with mass production starting in Q4 2024.
Serve Robotics (Nasdaq: SERV) has nominated David Goldberg to stand for election to its Board of Directors at the 2024 Annual Meeting of Stockholders. With over 20 years of experience, Goldberg has held significant roles in the finance and mobility sectors, most recently serving as CFO of REE Automotive. He has also been a strategic advisor at Magna International and a Managing Director at Greenhill & Co. Goldberg holds a Business Administration degree from the Ivey Business School at Western University. Ali Kashani, Chairman of Serve's Board, emphasized the value Goldberg's expertise will bring to the company.
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.
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