- Magna International (MG) reported a sales increase in its recent financial results release for Q2 2022
- Sales increased 4 per cent to $9.4 billion, compared to global light vehicle production increase of 2 per cent
- Diluted loss per share of $0.54 includes $1.24 of non-cash impairment charges related an investment in Russia
- Adjusted diluted earnings per share decreased 41 per cent
- The company has increased its sales outlook to $37.6 – $39.2 billion
- Magna International Inc. (MG) is up 2.55 per cent and is trading at $83.51 per share at 10:45 am ET
Magna International (MG) reported a sales increase in its recent financial results release for Q2 2022.
Sales were $9.4 billion, an increase of 4 per cent over Q2 2021, as global light vehicle production increased 2 per cent, largely driven by a 14 per cent increase in North America.
The company also sustained a diluted loss per share of $0.54, which includes $1.24 of non-cash impairment charges related to its Russian investment.
Consumer confidence is one of the biggest drivers of Magna’s business. The company added that sales may be impacted by consumer perceptions and general trends related to the job, housing, and stock markets, as well as other macroeconomic and political factors.
While the company has increased its sales outlook to $37.6 – $39.2 billion, it also admitted that adjusted diluted earnings per share decreased 41 per cent.
Magna International (MG) is an automotive supplier whose product groups include exteriors, interiors, seating, roof systems, body and chassis, powertrain, vision and electronic systems, closure systems, electric vehicle systems, tooling and engineering, as well as contracted vehicle assembly. Roughly 46 per cent of Magna’s revenue comes from North America while Europe accounts for around 43 per cent.
Magna International Inc. (MG) is up 2.55 per cent and is trading at $83.51 per share at 10:45 am ET.