Magna Q3 Profit Rises; Sales Up 17%

(RTTNews) - Magna International Inc. (MG.TO, MGA) reported that its third-quarter adjusted earnings per share increased to $1.07 from $0.56, prior year. Adjusted EBIT increased to $441 million compared to $229 million.

Net income attributable to Magna increased to $289 million from $11 million, prior year. Earnings per share was $1.00 compared to $0.04.

Sales were $9.27 billion compared to $7.92 billion, last year. Excluding the impact of foreign currency translation and acquisitions net of divestitures, sales increased 27%.

For 2022, the company now expects adjusted EBIT margin in a range of 4.8% - 5.0%, revised from prior guidance range of 5.0% - 5.4%. The company now expects total sales in a range of $37.4 - $38.4 billion, revised from prior outlook range of $37.6 - $39.2 billion. The company noted that its reduced outlook mainly reflects expected lower vehicle production in North America and Europe and higher operating inefficiencies.

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