From GlobeNewswire:

Magna International Inc. has reported strong financial results for the fourth quarter and year ended December 31, 2023. In the fourth quarter, sales increased to $10.5 billion and Adjusted EBIT Margin to expand by 180 basis points or more by 2026 to 7.0-7.7% range. For the entire year, sales reached $42.8 billion, with a 13% increase over the previous year.

Key financial figures indicate that during the fourth quarter of 2023, Magna International Inc. posted sales of $10.5 billion, representing a 9% increase over the fourth quarter of 2022. This was attributed to higher global vehicle production, new programs, and acquisitions net of divestitures. Adjusted EBIT increased to $558 million in the fourth quarter of 2023. Meanwhile, for the year ended December 31, 2023, sales reached $42.8 billion, including a 13% increase compared to the prior year. Adjusted EBIT increased to $2.2 billion for the year ended December 31, 2023, compared to $1.7 billion for year ended December 31, 2022. During the year ended December 31, 2023, Adjusted diluted earnings per share increased 29% to $5.49, a significant improvement over the previous year’s $4.24.

Magna International Inc. has announced that the Board of Directors declared a fourth quarter dividend of $0.475 per Common Share, marking a 3% increase and representing the 14th consecutive year of fourth quarter dividend increases. The dividend is payable on March 8, 2024, to shareholders of record as of the close of business on February 23, 2024. Additionally, the Board approved a new Normal Course Issuer Bid to purchase up to 0.3% of the Company’s outstanding shares.



Read more: CORRECTION – Magna Announces Fourth Quarter 2023 Results