Magna Intern Stock Price, News & Analysis

Magna's new CLEARVIEW™ technology will launch in 2022, enhancing driver safety through advanced camera and mirror systems. This innovative solution combines extensive expertise in mirrors, cameras, and electronics, offering customizable field views and improved visibility. The CLEARVIEW interior mirror features a unique frameless design that can switch between traditional and video displays, accommodating various viewing needs. Additionally, the exterior mirror includes safety features like surround-view cameras, further promoting safe driving. This new business win highlights Magna's commitment to leading in the new mobility landscape.

On October 20, 2020, Magna announced the appointment of Seetarama (Swamy) Kotagiri as CEO, effective January 1, 2021. He succeeds Don Walker, who will retire after serving 15 years as CEO and 33 years in total at the company. Kotagiri, a 21-year veteran of Magna, previously held roles such as Chief Technology Officer. His leadership is seen as pivotal in aligning the company with new mobility trends. Magna’s strong leadership development and succession planning are highlighted, ensuring smooth transitions within the organization.

Magna has entered into agreements with Fisker to manufacture the Fisker Ocean SUV in Europe, leveraging Magna's electric vehicle (EV) architecture. The production is slated to begin in Q4 2022, enhancing Magna's strategy to support both traditional and new automakers. Fisker will utilize Magna's engineering capabilities and innovative solutions, with Magna also receiving warrants to purchase approximately 6% of Fisker's equity. This collaboration positions Magna favorably in the growing e-mobility market.

Magna International Inc. (TSX: MGA; NYSE: MGA) has announced its upcoming Third Quarter 2020 Results Conference Call scheduled for November 6, 2020 at 8:00 AM ET. Interested parties can join via a toll-free number for North America at 1-800-908-8370 or the international line at 1-416-981-9035. A webcast will also be available on their website. The conference will be rebroadcasted for a limited time until November 13, 2020.

Magna International reported a challenging second quarter of 2020 due to the COVID-19 pandemic, with sales dropping 58% year-over-year to $4.3 billion. The company experienced significant declines in vehicle production in North America (70%) and Europe (59%). Estimated impacts include $5.5 billion in lost sales and a $1.2 billion decrease in Adjusted EBIT. Net loss attributable to Magna was $647 million, leading to a diluted loss per share of $2.17. Despite these challenges, Magna has reinstated its 2020 financial outlook and aims for a recovery in earnings and cash flow in the latter half of the year.

Magna International will host its Second Quarter 2020 Results Conference Call on August 7, 2020, at 8:00 AM ET. Investors can dial in via North America Toll-Free at 1-800-621-6136 or International Toll at 1-303-223-4363. A webcast will be available at www.magna.com, with a slide presentation to be posted before the call. A replay of the call will be accessible from 2 hours post-call until August 14, 2020. For further investor inquiries, contact Louis Tonelli at louis.tonelli@magna.com.

Magna International announced its agreement for the issuance of U.S.$750 million in senior unsecured notes with a 2.450% interest rate, maturing on June 15, 2030. The offering, which is set to close on the same day, will fund general corporate purposes, including capital expenditures and acquisitions. The notes will not be qualified for distribution in Canada but will be privately placed. BofA Securities, Citigroup, and TD Securities are joint book-running managers for the deal.

Magna International conducted its 2020 annual shareholder meeting on May 7, 2020, with 232,304,632 Common Shares (77.71% of total shares) represented. All proposed business items were approved, including the election of 12 directors with vote percentages ranging from 85.63% to 99.92%. Deloitte was reappointed as independent auditors, and the 'Say on Pay' advisory resolution received 85.63% support. These results indicate strong shareholder confidence and governance alignment, critical factors for investor perception.