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Magna International Inc
Symbol MG
Shares Issued 285,932,016
Close 2023-01-24 C$ 81.25
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FP/CP say Magna Int'l 2022 margins lower than expected

2023-01-25 08:34 ET - In the News

The Financial Post reports in its Wednesday, Jan. 25, edition that Magna International said its margins for 2022 are expected to come in lower than it forecast. A Canadian Press dispatch to the Post reports that the auto parts company said its adjusted earnings before interest and taxes (EBIT) margin is expected to be about 4.3 per cent for 2022. The ratio of adjusted EBIT to total sales is below the range of 4.8 to 5 per cent expected in its November outlook for the year. Based on the preliminary results, Magna said total sales for 2022 were about $37.8-billion (all figures U.S.). The company had expected sales in the range of $37.4-billion to $38.4- billion. Magna is scheduled to report its full financial results for its fourth quarter and full year on Feb. 10. Magna said its margins for 2022 are expected to come in lower than it forecast.

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