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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.
Magna International (TSX: MG; NYSE: MGA) has released its 2024 Annual Report, which includes Management's Discussion and Analysis, Audited Consolidated Financial Statements, Annual Information Form (AIF), and Form 40-F. All documents are now accessible on the company's website and have been filed with both Canadian Securities Administrators and U.S. Securities and Exchange Commission.
The company announced its 2025 Annual and Special Meeting of Shareholders will be held virtually on Thursday, May 8, 2025, at 10:00 a.m. (Eastern Daylight Time) through www.virtualshareholdermeeting.com/MGA2025. Shareholders can request free paper copies of the audited financial statements through Magna's website or by writing to their corporate office in Aurora, Ontario.
Magna has announced a strategic collaboration with NVIDIA to integrate the NVIDIA DRIVE AGX platform into their next-generation automotive solutions. The partnership will utilize NVIDIA's DRIVE AGX Thor system-on-chip (SoC), powered by Blackwell GPU architecture, to enable advanced AI and autonomous driving capabilities.
The collaboration focuses on developing L2+ through L4 active safety solutions, with Thor delivering up to 1,000 trillion operations per second of AI compute power. Magna will leverage NVIDIA Drive-OS for development, integration, and validation workflows, with plans to unveil a working demonstration platform in Q4 2025.
This initiative aims to address computing complexity while integrating ADAS, autonomous driving, and interior cabin AI features. The partnership combines Magna's automotive expertise in features like adaptive cruise control and driver monitoring with NVIDIA's accelerated compute capabilities to develop scalable, flexible solutions meeting market needs and regulatory requirements.
Magna International reported Q4 2024 results with sales increasing 2% to $10.6 billion. The company posted diluted earnings per share of $0.71 and adjusted diluted earnings per share of $1.69, compared to $0.94 and $1.33 in Q4 2023, respectively.
Key financial highlights include $1.9 billion generated in cash from operating activities and $335 million returned to shareholders through dividends and share repurchases. The company raised its quarterly dividend by 2% to $0.485 per share.
Looking ahead, Magna's 2025 outlook projects sales between $38.6-$40.2 billion with Adjusted EBIT margin of 5.3-5.8%. For 2026, sales are expected to grow to $40.5-$42.6 billion with improved margins of 6.5-7.2%. The company anticipates Free Cash Flow of $1.5 billion or more by 2026.
Magna has expanded its long-term partnership with Mercedes-Benz, strengthening their collaboration through development and engineering services for Mercedes' new electric off-roader model. The partnership, spanning several decades, includes the production of over 500,000 iconic off-roaders at Magna's Graz facility since 1979.
In 2024, Magna began producing the eDS Duo, an advanced electric drive system, at its Lannach facility. This 2-speed, dual e-motor drive system delivers up to 240 kW of power and features unique capabilities like the 'G-Turn,' allowing 360-degree rotation in place. The system utilizes silicon carbide and decoupling technology for optimized efficiency and exceptional off-road performance.
Magna International Inc. (TSX:MG, NYSE:MGA) has announced the date for their Q4 and year-end 2024 results and 2025 outlook webcast. The live audio webcast will be held on Friday, February 14, 2025, at 8:00 AM ET. Interested participants can register for the webcast at the provided link. Dial-in details for the call are: Toll-Free 1-800-715-9871 and Toll 1-646-307-1963, using Conference ID: 9829976. A slide presentation will be available on the company's website prior to the call.
A rebroadcast of the webcast will be available two hours after the call until February 21, 2025. The toll-free dial-in for the replay is 1-800-770-2030 and toll dial-in is 1-609-800-9909, with the same Conference ID: 9829976. For investor inquiries, contact Louis Tonelli, Vice-President, Investor Relations, at louis.tonelli@magna.com or 905-726-7035. Webcast inquiries can be directed to Nancy Hansford, Executive Assistant, Investor Relations, at nancy.hansford@magna.com or 905-726-7108.
Magna has secured its first award for a Dedicated Hybrid Drive (DHD) Duo system from a leading Chinese OEM. The system features an advanced dual e-motor and multi-speed design with 800V technology, delivering a longitudinal front drive solution. The scalable design supports B to E vehicle segments and provides flexibility for various configurations including electric, serial, and parallel driving modes. Production is scheduled to start in Q3 2025 at Magna's Nanchang facility.
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.