Auto parts company Magna International lowers guidance amid production slump

In its outlook, the Ontario-based auto parts company said Friday it now expects total sales for 2024 between US$42.2 billion and US$43.2 billion, compared with earlier expectations for between US$42.5 billion and US$44.1 billion

But on an adjusted basis, Magna said it earned US$1.28 per diluted share, down from an adjusted profit of US$1.46 per diluted share a year earlier. While overall North American production fell six per cent in the quarter, production by Magna's Detroit-based customers declined 12 per cent.The company said sales were also hurt by the end of production of certain programs, as well as divestitures, offset in part by the launch of new programs and customer price increases.

Chief financial officer Patrick McCann also cautioned that the third quarter"does tend to be a low production period."

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Auto parts company Magna International reports US$484M Q3 profit, lowers guidanceMagna International Inc. cut its guidance for its full year as it reported net income attributable to the company of US$484 million for its third quarter, up from US$394 million a year earlier.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Auto parts company Magna International reports US$484M Q3 profit, lowers guidanceTORONTO — Magna International Inc. cut its guidance for its full year as it reported net income attributable to the company of US$484 million for its third quarter, up from US$394 million a year earlier.
Source: SooToday - 🏆 8. / 85 Read more »

Auto parts company Magna International lowers guidance, reports US$484-million quarterly profitMagna says the profit amounted to US$1.68 per diluted share for the three months ended Sept. 30, compared with US$1.37 per diluted share a year earlier
Source: globeandmail - 🏆 5. / 92 Read more »