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Magna Announces First Quarter 2023 Results

AURORA, Ontario, May 5, 2023 — Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the first quarter ended March 31, 2023.

Swamy Kotagiri, Magna CEO

“Our strong first quarter operating performance reflects strong earnings on higher organic sales. More importantly, we are taking targeted actions to reduce expenses and optimize our cost structure. Our increased outlook is based on the strength of our first quarter results and the expected benefit of these targeted actions. We are highly focused on executing our strategy and remain confident in our ability to meet our long-term growth and margin outlook.”

- Swamy Kotagiri, Magna’s Chief Executive Officer