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Magna Announces First Quarter 2024 Results

AURORA, Ontario, May 3, 2024 — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the first quarter ended March 31, 2024.

Swamy Kotagiri, Magna CEO

"Our first quarter results exceeded our expectations for sales and earnings, excluding the impact of impairment charges. As a result of our continued focus on cost containment, customer recoveries and operational excellence, we are maintaining our Adjusted EBIT margin outlook range for 2024 and see continued progress on our planned margin expansion despite uncertainty of electrification volumes and product mix in the industry."

- Swamy Kotagiri, Magna’s Chief Executive Officer