- Magna International Inc (NYSE:MGA) reported first-quarter FY23 sales growth of 11% year-on-year to $10.67 billion, beating the consensus of $9.90 billion.
- Body Exteriors & Structures segment sales increased 8.8% Y/Y, Power & Vision grew 9%, Seating Systems gained 8%, and Complete Vehicles sales jumped 27.5%.
- Operating income before income taxes for the quarter was $275 million, with an operating margin of 2.6%.
- Adjusted EBIT was $437 million with an adjusted EBIT margin of 4.1%.
- Adjusted EPS of $1.11 beat the analyst consensus of $0.85.
- Magna had cash and equivalents of $2.4 billion as of March 31, 2023.
- The company's Board declared a Q1 dividend of $0.46 per share, payable on June 2, 2023, to shareholders of record as of the close of business on May 19, 2023.
- Outlook: Magna raises FY23 sales outlook from $39.6 billion-$41.2 billion to $40.2 billion-$41.8 billion versus the estimate of $40.56 billion.
- Magna tightened FY23 adjusted EBIT margin outlook from 4.1%-5.1% to 4.7%-5.1%.
- Price Action: MGA shares closed lower by 2.84% at $50.22 on Thursday.
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