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Magna International reports developments in its automotive-supply business, including financial results tied to global light vehicle production, vehicle program launches, product mix, tariffs, foreign exchange, engineering revenue and complete vehicle assembly volumes. The company supplies automakers across North America, Europe and China with manufacturing expertise and vehicle systems spanning areas such as powertrain, electronics, body and chassis, seating, closures, electric vehicle systems and contract assembly.
Recurring updates also cover electrification and hybrid-drive products such as DHD REX for range-extended electric vehicles, shareholder returns through dividends and repurchases, annual report materials, annual meeting results, board elections, auditor appointments and other governance matters.
On May 3, 2022, Magna International Inc. (NYSE: MGA) held its annual and special meeting of shareholders, with 78.92% of its Common Shares represented. All proposed items were approved, including the election of 11 directors, with votes for ranging from 97.74% to 99.77%. Deloitte was reappointed as independent auditors, with 99.69% support. Additionally, the 2022 Treasury PSU Plan and the advisory resolution on executive compensation received substantial majorities of 98.77% and 93.16%, respectively. Detailed results are available in Appendix 'A' of the press release.
Magna has secured its position as the exclusive supplier of mild hybrid transmissions for BMW Group's front-transverse applications, starting with the new BMW 2 Active Tourer. This contract encompasses multiple models and highlights Magna's commitment to reducing CO2 emissions through its 7-speed mild hybrid dual-clutch transmission. The innovative technology boosts fuel efficiency and integrates seamlessly with BMW's powertrain. Production will take place at Magna's Neuenstein and Kechnec facilities, reinforcing its role in advancing electric mobility.
Magna International reported a 5% decline in Q1 sales, totaling $9.6 billion, mainly due to a 7% decrease in global light vehicle production and currency fluctuations. Diluted earnings per share fell 40% to $1.22, with adjusted diluted earnings per share down 31% to $1.28. The company revised its 2022 outlook, expecting lower production and increasing input costs. Adjusted EBIT decreased 34% year-over-year to $507 million, reflecting reduced profit margins.
Magna has announced the opening of a new plant in Kechnec, Slovakia, aimed at boosting its ADAS and electrification capabilities. This brownfield facility will span approximately 22,000 square meters and is set to begin production in Q4 2022. Initially, 100 employees will be hired, with plans to increase employment to 600 by 2027 as production ramps up. The plant will focus on advanced camera modules and electronic control units for inverters, supporting key European automakers and enhancing Magna's footprint in the growing electric vehicle market.
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Magna (TSX: MG, NYSE: MGA) will host an investor event on May 10, 2022, at M1 Concourse, Pontiac, Michigan. CEO Swamy Kotagiri will discuss the company's go-forward strategy, focusing on innovative technologies and market opportunities. The event begins at 8:00 a.m. ET, featuring a presentation and Q&A session followed by interactive displays and driving experiences in electrification and ADAS. Kotagiri expressed optimism about Magna's growth in addressable markets.
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.