Magna Intern - MGA STOCK NEWS

Magna International Inc. (MGA) has released its 2022 Annual Report, which includes Management’s Discussion and Analysis, Audited Consolidated Financial Statements, Annual Information Form, and Form 40-F. These documents are available on Magna's website as well as through the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. Additionally, Magna has scheduled its 2023 Annual Meeting of Shareholders for May 11, 2023, at 10:00 a.m. EDT. The meeting will be a virtual-only event. Shareholders can request hard copies of the audited financial statements via the company's website or by mail.

Magna International has announced plans for a concurrent offering of U.S. dollar and Euro senior notes, totaling up to $800 million and €550 million, respectively. The U.S. dollar offers include two series, with maturities on March 21, 2026, and March 21, 2033, bearing interest rates of 5.980% and 5.500%. The net proceeds will partially fund the proposed acquisition of Veoneer’s Active Safety business and may also address existing debt. If the acquisition does not close by December 19, 2023, Magna will redeem the notes at a premium. The offerings are set to close on specified dates, subject to usual conditions.

Magna has unveiled its innovative SmartAccess^TM power door system, set to debut on the Ferrari Purosangue. This system includes the first-to-market Haptronik^TM motion control software, which enhances user experience by allowing smooth door operation in various conditions. Features include customizable door feel, gesture control, non-contact obstacle detection, and seamless keyless entry. The system is anticipated to launch with various Asian and North American automakers in 2023, marking a new era in vehicle access technology.

Magna International (TSX: MG; NYSE: MGA) has filed a short form base shelf prospectus with the Ontario Securities Commission (OSC) and a corresponding registration statement with the U.S. Securities and Exchange Commission (SEC). This filing, which replaces the expired prospectus from June 2022, will allow for the issuance of senior debt securities over a 25-month period, subject to regulatory requirements. Both filings are pending approval; no securities can be sold until the registration statement is effective and the OSC receipt is issued. This announcement does not constitute an offer to sell or a solicitation to buy securities.

On February 15, 2023, Magna announced a $470 million investment to expand operations across Ontario, including a new battery enclosures facility in Brampton. This facility is set to manufacture components for electric vehicles, specifically the Ford F-150 Lightning. The expansion will create over 1,000 new jobs across six locations: Brampton, Guelph, Belleville, Newmarket, Windsor, and Penetanguishene. The Ontario government is supporting this initiative with $23.6 million in grants, further enhancing the region's automotive industry and promoting electric vehicle supply chains.

Magna has secured a new contract from General Motors to supply battery enclosures for the 2024 Chevrolet Silverado EV. The production will occur at Magna's advanced facility in St. Clair, Michigan, which is already producing enclosures for the GMC HUMMER EV. The company anticipates starting production later in 2023.

With the demand for electric vehicles rising, Magna is expanding its facility by 740,000 square feet and hiring for various positions. Battery enclosures are essential for electric vehicles, providing protection for batteries and other components. Magna aims to leverage its expertise in this segment as it aligns with the growing electrification trend in the automotive industry.

Magna International reported Q4 2022 sales of $9.6 billion, a 5% increase year-over-year, with a 13% rise when excluding currency effects. However, diluted earnings per share fell to $0.33 from $1.54, while adjusted diluted EPS decreased to $0.91 from $1.30. The company's income from operations before taxes dropped to $146 million from $576 million due to higher costs and net expenses. For 2022, total sales reached $37.8 billion, up 4%, but adjusted EBIT declined to $1.66 billion. Magna announced a quarterly dividend of $0.46 per share and forecasts sales growth exceeding vehicle production globally through 2023.

AURORA, Ontario, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Magna International Inc. (NYSE: MGA) has revised its 2022 outlook, forecasting an Adjusted EBIT Margin of approximately 4.3%, down from the previously estimated 4.8% to 5.0%. Total sales are projected at $37.8 billion, slightly above the prior range of $37.4 to $38.4 billion. Factors leading to the lower margin include decreased sales contribution, higher warranty costs, provisions for receivables, and increased operational inefficiencies due to unpredictable production schedules. Magna will release its fourth quarter and full year financial results on February 10, 2023.

Magna has launched its innovative ClearView™ vision system on the Ram 2500 and 3500 Heavy Duty trucks. This advanced technology combines interior and exterior mirrors with integrated cameras, aiming to enhance vehicle safety by improving visibility and reducing blind spots. Key features include a rear-view video mirror and customizable display options, marking it as a first-to-market product. The system processes data through a central electronic control unit, ensuring optimal performance while towing with an optional trailer camera. ClearView™ underscores Magna's commitment to providing comprehensive safety solutions in the automotive sector.