Magna Intern Stock Price, News & Analysis

Magna International has announced a new Normal Course Issuer Bid (NCIB) to purchase up to 28,500,000 Common Shares, representing approximately 10% of its public float. This new NCIB replaces the prior program that would have expired in February 2025. Under the previous NCIB, Magna purchased 98,636 shares at a weighted average price of CDN $70.56. The new program will run from November 7, 2024, to November 6, 2025, with purchases to be made on the TSX and NYSE. The company has also established an automatic share purchase plan to facilitate buybacks during blackout periods.

Magna International reported Q3 2024 financial results with sales of $10.3 billion, down 4% year-over-year, aligning with global light vehicle production decline. Diluted earnings per share increased to $1.68 from $1.37, primarily due to Fisker deferred revenue recognition of $196 million. However, adjusted diluted EPS decreased to $1.28 from $1.46, including a $0.10 impact from higher tax rates. The company announced plans for a Normal Course Issuer Bid to purchase up to 10% of public float Common Shares starting Q4 2024. The company updated its 2024 outlook, projecting total sales of $42.2-$43.2 billion and adjusted EBIT margin of 5.4-5.5%.

Magna has unveiled its innovative Dual Clutch Transmission Eco (DCT Eco) solution, securing its first high-volume contract with a European OEM. The transmission system features a modular design that can support both ICE and hybrid powertrains with minimal modifications. The DCT Eco offers high efficiency and optimal torque-to-weight ratio in a compact form, delivering significant CO² benefits for B- and C-segment vehicles.

Production has already begun, with successful launches in South America and planned European model implementations in 2025. The system's building block strategy enables easy scalability, supporting various hybrid configurations from 48V mild hybrids to 120 kW 400 Volt solutions.

Magna International Inc. (TSX:MG) (NYSE:MGA) has announced the date for its Q3 2024 results webcast, scheduled for Friday, November 1, 2024, at 8:00 AM ET. The company will host a live audio webcast, with registration available at the provided link. For those preferring to dial in, toll-free and toll numbers are available, along with a conference ID.

A slide presentation will be accessible on Magna's website prior to the call. For those unable to attend live, a rebroadcast will be available for one week following the call. Investor relations contacts have been provided for further inquiries.

Magna International Inc. (TSX: MG; NYSE: MGA) has advised shareholders to reject an unsolicited mini-tender offer from TRC Capital Investment The offer is to purchase up to 2,000,000 Magna Common Shares (less than 1% of outstanding shares) at CDN $57.90 per share. Magna highlights that this price is 4.49% below the market price as of July 29, 2024, and the offer is highly conditional. Despite a current premium due to recent price drops, Magna emphasizes the offer's risks, including TRC Capital's ability to withdraw if share prices fall below CDN $57.58. Magna urges shareholders to exercise caution, obtain current market quotations, and consult with financial advisors before responding to the offer.

Magna International Inc. reported its Q2 2024 financial results with sales of $11.0 billion, unchanged from Q2 2023. Diluted earnings per share were $1.09, while Adjusted diluted earnings per share were $1.35. The company paid dividends of $134 million. Magna's 2024 outlook for Total Sales remains largely unchanged, with Adjusted EBIT Margin range narrowed to 5.4% to 5.8%.

Key highlights include:

• Income from operations before income taxes: $427 million
• Net income attributable to Magna: $313 million
• Adjusted EBIT: $577 million

The company's performance was impacted by lower volumes on certain key vehicle programs in North America, but efforts in operational excellence, cost reductions, and launches are helping maintain the 2024 Adjusted EBIT margin range.

Magna International will release its Q2 2024 financial results on August 2, 2024, at 8:00 AM ET. The announcement will be made via a live audio webcast, accessible through a registration link. For those unable to attend, a rebroadcast will be available two hours post-call until August 9, 2024. Investors can access the slide presentation on Magna's official website ahead of the call. Contact information for investor and teleconference inquiries is provided.

Magna's stock symbol is MGA on the NYSE.

Magna has secured its first contract to provide a reconfigurable seating system to a Chinese OEM, marking a significant advancement in vehicle interior design. The innovative system features fully rotating front seats on long rails, allowing for increased in-cabin space and versatility. The system integrates power swivel seats with nearly two meters of long rails shared by both front and rear rows, enabling a 270-degree rotation. Additionally, it includes an integrated seat belt and a universal magnetic interface for compatibility with external devices. The reconfigurable seating system will be manufactured in China, with mass production starting in Q4 2024.

Serve Robotics (Nasdaq: SERV) has nominated David Goldberg to stand for election to its Board of Directors at the 2024 Annual Meeting of Stockholders. With over 20 years of experience, Goldberg has held significant roles in the finance and mobility sectors, most recently serving as CFO of REE Automotive. He has also been a strategic advisor at Magna International and a Managing Director at Greenhill & Co. Goldberg holds a Business Administration degree from the Ivey Business School at Western University. Ali Kashani, Chairman of Serve's Board, emphasized the value Goldberg's expertise will bring to the company.