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Magna International, Inc. (NYSE:MGA) shares fall in the premarket session after reporting first-quarter results.
The company reported adjusted earnings per share of $1.08, missing the street view of $1.25.
The company recorded asset impairments and restructuring totaling $316 million related to Fisker Inc. (OTC:FSRN).
Lower volumes in the Complete Vehicles segment and the net weakening of foreign currencies against the U.S. dollar affected quarterly performance.
However, quarterly revenues of $10.970 billion beat the street view of $10.953 billion. Sales increased 3% year over year, compared to a 2% rise in global light vehicle production.
Magna International gained from 2% and 11% higher production in North America and China, respectively, partially offset by 2% lower production in Europe.
In addition to higher global production, the company’s sales benefitted from launching new programs and acquiring Veoneer Active Safety.
Adjusted EBIT increased to $469 million in the quarter compared to $449 million in the first quarter of 2023.
Dividend: The company declared a first-quarter dividend of $0.475 per common share, payable on May 31 to shareholders of record as of the close of business on May 17.
Outlook Lowered: Magna International expects 2024 sales of $42.6 billion-$44.2 billion (prior $43.8 billion-$45.4 billion) vs $44.443 billion estimate. The company sees adjusted net income of $1.5 billion-$1.7 billion (prior view: $1.6 billion-$1.8 billion).
Price Action: MGA shares are trading lower by 3.45% to $46.75 premarket at the last check Friday.
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