Magna Intern Stock Price, News & Analysis

Magna International (NYSE: MGA; TSX: MG) held its 2021 annual shareholder meeting on May 6, 2021, with 80.43% of shares represented. All 12 director nominees, including CEO Seetarama S. Kotagiri, were elected with strong support, achieving over 97% approval. Deloitte was reappointed as independent auditors, and a 'Say on Pay' resolution received a 93.33% approval rate. These results reflect shareholders' confidence in the company's leadership and financial practices.

Magna International reported Q1 2021 sales of $10.2 billion, an 18% increase year-over-year, driven by an 87% surge in China. Income from operations before taxes reached $805 million, up 109%, while adjusted EBIT rose 91% to $770 million. Diluted earnings per share jumped to $2.03, a 136% increase. The company improved its full-year outlook, expecting sales between $40.2 billion and $41.8 billion with an adjusted EBIT margin of 7.2% to 7.6%.

Magna aims for carbon neutrality in European operations by 2025 and globally by 2030. This initiative aligns with the Paris Climate Accord and reflects the company's commitment to sustainability. In 2020, 12% of its global energy was sourced from renewables, and over 91% of waste was recycled. Magna also signed on as a founding sponsor of the XPrize Abundant Energy Alliance, emphasizing its role in advancing a net-zero future. CEO Swamy Kotagiri highlighted that achieving carbon neutrality is both a social responsibility and a business imperative.

Magna International Inc. (TSX: MG, NYSE: MGA) is set to host a Q1 2021 Results Conference Call on May 6, 2021, at 7:00 AM ET. Investors can dial in at 1-800-954-0686 for North America or 1-416-981-9017 internationally, with a replay available until May 13, 2021. The slide presentation will be accessible on the company’s website prior to the call. For investor relations inquiries, contact Louis Tonelli at 905-726-7035 or via email.

Magna has announced the production of its 100,000th eDrive gearbox in China, a significant milestone supporting the growing electric vehicle (EV) market. The gearboxes, produced in a joint venture with Jiangling Motors, are known for their high efficiency and power density, featuring a torque range of 200Nm to 530Nm. Magna is also winning new business with Chinese EV startups, including NIO and Xpeng. As the industry shifts towards electrification, Magna aims to enhance its competitive edge by offering both complete systems and e-components.

Magna International (NYSE: MGA) is set to hold a virtual investor event on April 13, 2021, led by CEO Swamy Kotagiri and CFO Vince Galifi. The event, scheduled from 8:30 a.m. to 10:00 a.m. ET, will focus on Magna's market position, systems capabilities, and strategies for profitable growth in a rapidly evolving automotive industry. Participants can register for the webcast and pose questions during a live Q&A session. The event will also be available for rebroadcast until April 27, 2021.

Magna has introduced a new innovative Driver Monitoring System to help combat distracted driving, a leading cause of accidents globally. This advanced technology integrates camera and interior mirror systems, monitoring the driver's head, eye, and body movements to detect distractions, drowsiness, and fatigue. The system alerts drivers through customizable notifications when distraction is detected. With the rise of distracted driving incidents, Magna’s solution promises improved road safety and compliance with global regulations.

Magna International Inc. (MGA) has released its 2020 Annual Report, which includes Management’s Discussion and Analysis, Audited Financial Statements, and other regulatory filings available on its website. The report is essential for investors as it provides a comprehensive overview of the company’s performance. Additionally, Magna has scheduled its 2021 Annual Meeting of Shareholders for May 6, 2021, as a virtual event due to COVID-19. Shareholders can request hard copies of the audited financial statements for free.

Magna's new eBeam technology marks a significant advancement in electrifying pickup trucks, offering capabilities over 220 kW. This technology enables automakers to transition to battery electric or hybrid systems without compromising utility, including towing and payload performance. For over a century, the solid beam rear axle has seen no significant redesign until now. The eBeam integrates seamlessly into existing architectures, enhancing efficiency and speeding up market readiness for electrified trucks.