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CORRECTION – Magna Announces Fourth Quarter 2023 Results and 2024 Outlook – TipRanks Financial Blog

Robust Growth Predicted Amid Gross Margin Expansion and Stable Revenue – An In-Depth Analysis by Robert Drbul – TipRanks Financial Blog

In a release issued under the same headline on Friday, February 9th by Magna International Inc. (TSX: MG; NYSE: MGA), please note that some of the information in the Consolidated Statements of Cash Flows and Supplemental Data tables has been updated. The corrected release follows:

Fourth Quarter 2023 Highlights

  • Sales increased 9% to $10.5 billion, compared to 7% increase in global light vehicle production
  • Sales increased 4% excluding foreign currency translation and acquisitions net of divestitures
  • Diluted earnings per share and Adjusted diluted earnings per share increased to $0.94 and $1.33, respectively, compared to $0.33 and $0.94 last year
  • Paid $133 million in dividends
  • Raised quarterly cash dividend to $0.475 per share

2024 Outlook Highlights

  • Sales expected to continue to outgrow global light vehicle production through outlook period
  • Expect Adjusted EBIT Margin to expand by 180 basis points or more by 2026 to 7.0-7.7% range

AURORA, Ontario, Feb. 12, 2024 (GLOBE NEWSWIRE) — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2023.

      THREE MONTHS ENDED
DECEMBER 31,
  YEAR ENDED
DECEMBER 31,
        2023       2022       2023       2022  
  Reported                
                   
  Sales   $ 10,454     $ 9,568     $ 42,797     $ 37,840  
                   
  Income from operations before income taxes   $ 310     $ 146     $ 1,606     $ 878  
                   
  Net income attributable to Magna International Inc.   $ 271     $ 95     $ 1,213     $ 592  
                   
  Diluted earnings per share   $ 0.94     $ 0.33     $ 4.23     $ 2.03  
                   
Non-GAAP Financial Measures(1)                
                   
  Adjusted EBIT   $ 558     $ 367     $ 2,238     $ 1,708  
                   
  Adjusted diluted earnings per share   $ 1.33     $ 0.94     $ 5.49     $ 4.24  
                   
All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars.
 
(1) Adjusted EBIT and Adjusted diluted earnings per share are Non-GAAP financial measures that have no standardized meaning under U.S. GAAP, and as a result may not be comparable to the calculation of similar measures by other…

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