Magna International Inc. Files Q1 2024 Results

Ticker: MGA · Form: 6-K · Filed: 2024-05-06T00:00:00.000Z

Sentiment: neutral

Topics: financial-results, quarterly-report, foreign-private-issuer

TL;DR

Magna dropped Q1 results, check the 6-K for deets.

AI Summary

Magna International Inc. filed a Form 6-K on May 6, 2024, reporting on its first quarter of 2024. The filing includes financial reviews and presentation slides from their Q1 2024 results call held on May 3, 2024. Bassem A. Shakeel, Vice-President, Associate General Counsel and Corporate Secretary, signed the report.

Why It Matters

This filing provides investors with key financial performance data and insights into Magna International's operations for the first quarter of 2024, aiding in investment decisions.

Risk Assessment

Risk Level: low — This is a routine financial filing (6-K) providing quarterly results, which is standard for public companies and does not inherently indicate new risks.

Key Players & Entities

FAQ

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

The Form 6-K is a report of a foreign private issuer pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934, used here to report on Magna International Inc.'s Q1 2024 financial results.

When was the Q1 2024 results call held?

The Q1 2024 Results Call was held on May 3, 2024.

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

Bassem A. Shakeel, Vice-President, Associate General Counsel and Corporate Secretary, signed the filing.

What exhibits are included with this filing?

The filing includes Exhibit 99.1 (Q1 2024 Financial Review), Exhibit 99.2 (Q1 2024 Results Call Presentation slides), and Exhibit 99.3 (Q1 2024 Results Call Transcript).

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

Magna International Inc.'s fiscal year end is December 31.

From the Filing

0001171843-24-002539.txt : 20240506 0001171843-24-002539.hdr.sgml : 20240506 20240503195214 ACCESSION NUMBER: 0001171843-24-002539 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20240503 FILED AS OF DATE: 20240506 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: 24915134 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 f6k_050324.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 ☒ 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 Q1 2024 Financial Review Exhibit 99.2 Q1 2024 Results Call Presentation slides (May 3, 2024) Exhibit 99.3 Q1 2024 Results Call Transcript (May 3, 2024) EX-99.1 2 exh_991.htm EXHIBIT 99.1 Exhibit 99.1 FINANCIAL REVIEW OF MAGNA INTERNATIONAL INC. (United States dollars in millions, except per share figures) (Unaudited) Prepared in accordance with U.S. GAAP 2022 2023 2024 Note 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q 2nd Q 3rd Q 4th Q TOTAL 1st Q VEHICLE VOLUME STATISTICS (in millions) North America 3.615 3.551 3.600 3.514 14.280 3.884 4.080 3.930 3.743 15.637 3.963 Europe 3.997 4.020 3.597 4.188 15.802 4.581 4.598 3.825 4.357 17.361 4.497 China 6.361 5.489 7.235 7.264 26.349 5.936 6.797 7.657 8.940 29.330 6.601 Other 6.375 6.140 6.704 6.858 26.077 6.968 6.715 6.998 7.189 27.870 6.832 Global 20.348 19.200 21.136 21.824 82.508 21.369 22.190 22.410 24.229 90.198 21.893 Magna Steyr vehicle assembly volumes 0.026 0.032 0.026 0.028 0.112 0.034 0.027 0.023 0.021 0.105 0.022 AVERAGE FOREIGN EXCHANGE RATES 1 Canadian dollar equals U.S. dollars 0.790 0.783 0.765 0.737 0.769 0.740 0.745 0.746 0.735 0.742 0.741 1 euro equals U.S. dollars 1.123 1.064 1.006 1.019 1.053 1.073 1.089 1.088 1.076 1.082 1.085 1 Chinese renminbi equals U.S. dollars 0.158 0.151 0.146 0.140 0.149 0.146 0.143 0.138 0.138 0.141 0.139 CONSOLIDATED STATEMENTS OF INCOME (LOSS) Sales: Body Exteriors & Structures 4,077 3,947 3,976 4,004 16,004 4,439 4,540 4,354 4,178 17,511 4,429 Power & Vision 3,046 2,888 2,911 3,016 11,861 3,323 3,462 3,745 3,775 14,305 3,842 Seating Systems 1,376 1,253 1,295 1,345 5,269 1,486 1,603 1,529 1,429 6,047 1,455 Complete Vehicles 1,275 1,403 1,213 1,330 5,221 1,626 1,526 1,185 1,201 5,538 1,383 Corporate & Other (132) (129) (127) (127) (515) (201) (149) (125) (129) (604) (139) Sales 9,642 9,362 9,268 9,568 37,840 10,673 10,982 10,688 10,454 42,797 10,970 Costs and expenses: Cost of goods sold 8,400 8,259 8,126 8,403 33,188 9,416 9,544 9,264 8,961 37,185 9,642 Selling, general and administrative 386 410 387 477 1,660 488 505 491 566 2,050 516 Equity income (20) (25) (27) (17) (89) (33) (36) (40) (3) (112) (34) Adjuste

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