Magna International (MG.TO, MGA) announced a decrease in its second-quarter net income, which has dropped to $313 million from $339 million a year earlier. This translated to earnings per share falling to $1.09 from $1.18. Adjusted earnings per share also saw a decline, moving to $1.35 from $1.54. The average prediction from 18 analysts surveyed by Thomson Reuters was a profit per share of $1.44 for the quarter, and it's important to note that these estimates typically exclude special items.
Second-quarter sales were $10.96 billion, a slight decrease from $10.98 billion in the previous year. Analysts had, on average, forecasted revenues of $11.01 billion.
Looking ahead to 2024, the company has revised its expectations for the adjusted EBIT margin, which is now anticipated to be in the range of 5.4% to 5.8%, down from the prior forecast of 5.4% to 6.0%.
Additionally, the Board of Directors declared a second-quarter dividend of $0.475 per share. This dividend is payable on August 30, 2024, to shareholders who are recorded as of the close of business on August 16, 2024.
