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Operator: Greetings, and welcome to the Q4 and year-end 2022 results and 2023 Outlook Conference Call. As a reminder, this conference is being recorded, Friday, February 10, 2023. ....
Magna International Inc. (MGA) CEO Swamy Kotagiri on Q2 2022 Results - Earnings Call Transcript seekingalpha.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from seekingalpha.com Daily Mail and Mail on Sunday newspapers.
The low auto inventory has provided a stronger hand for carmakers and dealers negotiating for sales, but for suppliers, production disruptions take a toll on financial results. ....
Sales for the quarter totalled US$10.18 billion, up from $8.66 billion in the same quarter last year. Following a challenging 2020 with the negative impact of COVID, particularly in the first half, we are experiencing a recovery in global vehicle demand and corresponding increase in global auto production, Magna CEO Seetarama (Swamy) Kotagiri said. Overall, we continued our strong performance in (the first quarter), despite some of the strong challenges we faced. Magna said the increase in sales came as global light vehicle production rose 18 per cent driven by an 87 per cent increase in China. On an adjusted basis, Magna said it earned US$1.86 per diluted share, up from an adjusted profit of 86 cents per share last year. ....
Magna reports Q1 profit more than doubles from year ago, sales up 18 per cent Business Related Yes The Magna International Inc., sign is shown at the company s annual general meeting to begin in Toronto on Friday, May 10, 2013. THE CANADIAN PRESS/Nathan Denette AURORA, Ont. – Magna International Inc. said a strong recovery in the global auto sector and massive growth in the Chinese market led to a first-quarter profit of US$615 million, up from US$261 million a year ago as its sales rose 18 per cent. The Ontario-based auto parts company, which keeps its books in U.S. dollars, said Thursday its profit amounted to US$2.03 per diluted share, up from 86 cents per diluted share in the first three months of 2020. ....