Magna Intern Stock Price, News & Analysis

Magna International (NYSE: MGA) has announced its Q1-2022 results conference call scheduled for April 29, 2022, at 8:00 AM ET. Investors can access the call through dial-in numbers or via the webcast available on the company's website. A slide presentation will be released prior to the call, and a rebroadcast will be available for two hours post-call until May 6, 2022. Contact information for investor relations is provided for further inquiries.

Magna International (NYSE: MGA; TSX: MG) released its 2021 Annual Report, which includes Management’s Discussion and Analysis, Audited Consolidated Financial Statements, and other regulatory documents, now available on the company’s website. These filings have also been submitted to Canadian and U.S. regulatory bodies. Additionally, Magna announced its 2022 Annual and Special Meeting of Shareholders set for May 3, 2022, at 10:00 a.m. EDT, to be held virtually. Shareholders can request a hard copy of the audited financial statements upon request.

Magna has announced a joint venture (JV) with LAN Manufacturing to assemble complete seats for Ford trucks and SUVs. The JV, named LM Manufacturing, will operate from a 296,000 square-foot facility in Detroit, Michigan, with Magna holding a 49% stake. Production is slated to begin in the second quarter of 2023, creating over 390 jobs in Detroit. The Michigan Strategic Fund has awarded a $2 million grant to support the venture. This collaboration aims to enhance Ford's vehicle programs and bolster the automotive manufacturing presence in the region.

Magna announces leadership changes ahead of its annual meeting on May 3, 2022. Board Chair William L. Young will retire, with Robert F. MacLellan appointed to succeed him. Dr. Thomas Weber joins the Board as a non-executive director, and Peter G. Bowie will take over as Audit Committee Chair. Additionally, Cindy Niekamp will also retire. The Corporate Governance Committee is seeking two independent directors to enhance Board renewal as part of Magna's strategic approach to governance.

Magna International reported Q4 and full-year results for 2021, highlighting sales of $9.1 billion for Q4, reflecting a 14% decrease year-over-year. Full-year sales increased by 11% to $36.2 billion. Despite challenges, diluted EPS rose to $5.00 from $2.52 in 2020. The company returned $378 million to shareholders via buybacks and dividends, with a 5% increase in the quarterly dividend to $0.45. The 2022 outlook anticipates total sales between $38.8 and $40.4 billion.

Magna has secured a significant contract with a German automaker to produce an innovative integrated driver and occupant monitoring system. This system, combining camera and electronics into the interior mirror, is set to begin production in 2024. Designed to improve vehicle safety by detecting distracted driving and monitoring cabin occupants, the system utilizes advanced software and a unique unobtrusive camera setup. With the rise of driver assistance technologies, this contract positions Magna favorably within the growing market for advanced driver assistance systems (ADAS).

Magna has commenced high-volume production of integrated eDrive systems for Volkswagen's MEB platform at its joint venture in China, HASCO Magna Electric Drive Systems Co., Ltd. (HME). The systems are designed for all-wheel drive models exceeding 185kW, specifically for the Volkswagen ID.4. This development highlights Magna's commitment to electrification and its role as a global supplier for these components. The eDrive system features an induction-type e-motor and a high-voltage inverter, optimizing performance with peak power of 80 kW.

Magna International (TSX: MGA, NYSE: MGA) has announced a conference call to review its Q4 and year-end results for 2021, along with the 2022 outlook. The call is scheduled for February 11, 2022, at 8:00 AM ET. Investors can participate by dialing in at 1-800-909-4145 (toll-free) or 1-416-981-9023 (international). A webcast will also be available on their website. Replay details are provided for those who cannot attend the live session.

Magna has integrated over 120 engineers from Optimus Ride into its team, significantly enhancing its expertise in advanced driver assistance systems (ADAS). This strategic move establishes a new engineering center in the Boston area, tapping into a rich talent pool and academic resources. John O'Hara, President of Magna Electronics, emphasized the importance of strengthening their capabilities in sensing technologies to meet growing market demands. This acquisition supports Magna's position as a leader in the global ADAS sector.