The Globe and Mail reports in its Saturday, Nov. 2, edition that Magna International has lowered its guidance for 2024, now expecting sales between $42.2-billion and $43.2-billion, down from a previous estimate of $42.5-billion to $44.1-billion (all figures U.S.). A Canadian Press dispatch to The Globe reports that this change follows a sales drop amid a global light-vehicle production slump. For the third quarter, Magna reported a net income of $484-million, up from $394-million a year prior. However, on an adjusted basis, earnings fell to $1.28 per share from $1.46. Quarterly sales were $10.28-billion, down from $10.69-billion last year. Magna said sales in the quarter were negatively impacted by lower-than-expected light vehicle production in North America and Europe, with a global decrease of 4 per cent. While overall North American production fell 6 per cent in the quarter, production by Magna's Detroit-based customers declined 12 per cent. Light-vehicle production in China fell 6 per cent, while Europe saw a 2-per-cent decrease. Magna said sales were also hurt by the end of production of certain programs, as well as divestitures, offset in part by the launch of new programs and customer price increases.