Magna International Raises Sales Outlook

(RTTNews) - Magna International Inc. (MG.TO, MGA) said it now expects fiscal 2022 total sales in a range of $37.6 - $39.2 billion, revised from prior guidance range of $37.3 - $38.9 billion. The company continues to project adjusted EBIT margin in a range of 5.0% - 5.4%.

Second quarter adjusted earnings per share was $0.83 compared to $1.40, previous year. Net loss attributable to Magna was $156 million compared to profit of $424 million, last year. Loss per share was $0.54 compared to profit of $1.40. The loss per share of $0.54 included $1.24 of non-cash impairment charges related to the investment in Russia.

Second quarter sales were $9.4 billion, an increase of 4% from prior year, as global light vehicle production increased 2%, largely driven by a 14% increase in North America.

The Board of Directors declared a second quarter dividend of $0.45 per share, payable on August 26, 2022 to shareholders of record as of the close of business on August 12, 2022.

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