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."

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