Magna Reports Q3 2024 Results and New Share Buyback Plan
Magna International Inc. reported a 4% decline in Q3 2024 sales, totaling $10.3 billion, due to reduced global light vehicle production. Adjusted EBIT fell to $594 million, while adjusted diluted EPS decreased to $1.28, down $0.18 from the previous year. Additionally, Magna announced a new 10% Normal Course Issuer Bid to repurchase up to 28.5 million shares.