Authorization

Magna Announces Third Quarter Results

Sales of $9.3 billion decreased 3%, compared to global light vehicle production down 3%
A A A? Labour strike at General Motors (a??GM strikea??) reduced third quarter sales



Excluding foreign currency translation and divestitures net of acquisitions, sales up 2%



Returned $451 million to shareholders through share repurchases and dividends



2019 Outlook reduced largely to reflect estimated impact of GM strike and higher launch costs



Recorded non-cash impairment charges of $537 million after income taxes and loss attributable to non-controlling interests related to investment in Getraga??s equity accounted joint venturesA A

AURORA, Ontario, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the third quarter ended September 30, 2019.APlease click HERE for full third quarter Financial Statements and MD&A.

A



A



THREE MONTHS ENDED
SEPTEMBER 30,



A



NINE MONTHS ENDED
SEPTEMBER 30,



A



A



A2019A



A



A2018



A



A2019



A



A2018



Reported
A



A



A



A



A



A



A



A



A



Sales



A



$



A 9,319



A



A



$



A 9,618



A



$



A 30,036



A



$



A 30,690



A



A



A



A



A



A



A



A



A



(Loss) income from operations before
income taxes



A



$



A (319



)



A



$



A 674



A



$



A 1,644



A



$



A 2,344



A



A



A



A



A



A



A



A



A



Net (loss) income attributable to
Magna International Inc.



A



$



A (233



)



A



$



A 554



A



$



A 1,325



A



$



A 1,840



A



A



A



A



A



A



A



A



A



Diluted (loss) earnings per share



A



$



A (0.75



)



A



$



A 1.62



A



$



A 4.15



A



$



A 5.22



A



A



A



A



A



A



A



A



A



Non-GAAP Financial Measures(1)
A



A



A



A



A



A



A



A



A



Adjusted EBIT



A



$



A 558



A



A



$



A 699



A



$



A 1,955



A



$



A 2,377



A



A



A



A



A



A



A



A



A



Adjusted diluted earnings per share



A



$



A 1.41



A



A



$



A 1.56



A



$



A 4.63



A



$



A 5.08



A



A



A



A



A



A



A



A



A



All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars.


(1)A Adjusted EBIT, Adjusted diluted earnings per share and Adjusted EBIT as a percentage of sales 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 companies. A reconciliation of these Non-GAAP financial measures is included in the back of this press release.



AA

THREE MONTHS ENDED SEPTEMBER 30, 2019
Overall, our Adjusted EBIT came in slightly below our expectations in the third quarter of 2019, as we were negatively impacted by the GM strike.A Excluding the impact of the strike, our consolidated Adjusted EBIT was relatively in line with our expectations, with higher than expected launch and warranty costs being largely offset by favourable commercial settlements.AOn a consolidated basis, we posted sales of $9.32 billion for the third quarter of 2019, a decrease of 3% from the third quarter of 2018, compared to global light vehicle production that also decreased 3%.A AAExcluding the impact of foreign currency translation and divestitures net of acquisitions, sales increased 2%, and by segment: Complete Vehicles, Power & Vision and Seating increased 14%, 4% and 3%, respectively, while Body Exteriors & Structures decreased 3%. The GM strike reduced our third quarter sales.Adjusted EBIT decreased 20% to $558 million in the third quarter of 2019 resulting in an adjusted EBIT as a percentage of sales of 6.0% compared to 7.3% last year.A Excluding the impact of the GM strike, the lower Adjusted EBIT as a percentage of sales is mainly due to lower margins in our:
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«     2019    »
 123
45678910
11121314151617
18192021222324
252627282930