Magna International Reports Q1 2024 Financial Results

Ticker: MGA · Form: 6-K · Filed: 2024-05-03T00:00:00.000Z

Sentiment: neutral

Topics: financial-results, quarterly-report, automotive

Related Tickers: MGA

TL;DR

Magna Intl (MGA) dropped Q1 results May 3rd, check the 6-K for details.

AI Summary

Magna International Inc. filed a Form 6-K on May 3, 2024, announcing its interim unaudited financial results for the three-month period ending March 31, 2024. The filing includes a press release detailing these financial results. Bassem A. Shakeel, Vice-President, Associate General Counsel and Corporate Secretary, signed the report on behalf of the company.

Why It Matters

This report provides investors with an update on Magna International's financial performance for the first quarter of 2024, offering insights into the company's operational health and profitability.

Risk Assessment

Risk Level: low — This is a routine financial results filing (6-K) and does not contain significant new risk factors.

Key Players & Entities

FAQ

What is the primary purpose of this Form 6-K filing?

The primary purpose of this Form 6-K filing is to report Magna International Inc.'s interim unaudited financial results for the three-month period ending March 31, 2024, as announced in a press release dated May 3, 2024.

Who signed the Form 6-K on behalf of Magna International Inc.?

Bassem A. Shakeel, Vice-President, Associate General Counsel and Corporate Secretary, signed the Form 6-K on behalf of Magna International Inc.

What is Magna International Inc.'s fiscal year end?

Magna International Inc.'s fiscal year ends on December 31.

What is the SEC file number for Magna International Inc.?

The SEC file number for Magna International Inc. is 001-11444.

What standard industrial classification code is associated with Magna International Inc.?

The standard industrial classification code associated with Magna International Inc. is 3714, which falls under MOTOR VEHICLE PARTS & ACCESSORIES.

From the Filing

0001104659-24-056672.txt : 20240503 0001104659-24-056672.hdr.sgml : 20240503 20240503074433 ACCESSION NUMBER: 0001104659-24-056672 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 24 CONFORMED PERIOD OF REPORT: 20240331 FILED AS OF DATE: 20240503 DATE AS OF CHANGE: 20240503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAGNA INTERNATIONAL INC CENTRAL INDEX KEY: 0000749098 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11444 FILM NUMBER: 24910810 BUSINESS ADDRESS: STREET 1: 337 MAGNA DRIVE STREET 2: N/A CITY: AURORA, ONTARIO, CAN STATE: A6 ZIP: L4G 7K1 BUSINESS PHONE: 9057262462 MAIL ADDRESS: STREET 1: 337 MAGNA DRIVE STREET 2: N/A CITY: AURORA, ONTARIO, CAN STATE: A6 ZIP: L4G 7K1 6-K 1 tm2412640d1_6k.htm FORM 6-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934 For the month of May 2024 Commission File Number 001-11444 MAGNA INTERNATIONAL INC. (Exact Name of Registrant as specified in its Charter) 337 Magna Drive, Aurora, Ontario, Canada L4G 7K1 (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ¨ Form 40-F x SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. MAGNA INTERNATIONAL INC. (Registrant) Date: May 3, 2024 By: /s/ “Bassem Shakeel” Bassem A. Shakeel, Vice-President, Associate General Counsel and Corporate Secretary EXHIBITS Exhibit 99.1 Press release issued May 3, 2024, in which the Registrant announced its interim unaudited financial results for the three-month period ended March 31, 2024, and declared a quarterly dividend. Exhibit 99.2 The First Quarter Report of the Registrant, including its unaudited interim consolidated financial statements and Management's Discussion and Analysis of Results of Operations and Financial Position for the period ended March 31, 2024. Exhibit 99.3 Certificate of the Chief Executive Officer of the Registrant, Seetarama (Swamy) Kotagiri, dated May 3, 2024 on Form 52-109F2 pursuant to the Canadian Securities Administrators' Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. Exhibit 99.4 Certificate of the Chief Financial Officer of the Registrant, Patrick W.D. McCann, dated May 3, 2024 on Form 52-109F2 pursuant to the Canadian Securities Administrators' Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings. EX-99.1 2 tm2412640d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 PRESS RELEASE MAGNA ANNOUNCES FIRST QUARTER 2024 RESULTS • Sales increased 3% to $11.0 billion, compared to a 2% rise in global light vehicle production • Diluted earnings per share and Adjusted diluted earnings per share were $0.03 and $1.08, respectively • Recorded asset impairments and restructuring totaling $316 million related to Fisker • Paid dividends of $134 million • Maintaining 2024 Adjusted EBIT Margin Outlook range of 5.4%-6.0% AURORA, Ontario, May 3, 2024 — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the first quarter ended March 31, 2024. THREE MONTHS ENDED March 31, 2024 March 31, 2023 Reported Sales $ 10,970 $ 10,673 Income from operations before income taxes $ 34 $ 275 Net income attributable to Magna International Inc. $ 9 $ 209 Diluted earnings per share $ 0.03 $ 0.73 Non-GAAP Financial Measures (1) Adjusted EBIT $ 469 $ 449 Adjusted diluted earnings per share $ 1.08 $ 1.15 All results are reported in millions of U.S. dollars, except per share figures, wh

View on Read The Filing