Magna Q2 Net Income Declines

(RTTNews) - Magna International (MG.TO, MGA) reported that its second quarter net income attributable to company declined to $313 million from $339 million, last year. Earnings per share was $1.09 compared to $1.18. Adjusted earnings per share declined to $1.35 from $1.54. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $1.44, for the quarter. Analysts' estimates typically exclude special items.

Second quarer sales were $10.96 billion compared to $10.98 billion, previous year. Analysts on average had estimated $11.01 billion in revenue.

For 2024, the company now expects: adjusted EBIT margin in a range of 5.4% - 5.8%, revised from prior guidance range of 5.4% - 6.0%.

The Board of Directors declared a second quarter dividend of $0.475 per share, payable on August 30, 2024 to shareholders of record as of the close of business on August 16, 2024.

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