Magna International (NYSE: MGA) today posted sales of $10.3 billion for Q3 2024, a decrease of 4% from the third quarter of 2023. The lower sales come from a 4% decrease in global light vehicle production, including 6% lower production in North America and China, and a 2% decline in Europe. Adjusted EBIT decreased to $594 million in the third quarter of 2024 compared to $615 million in the third quarter of 2023. This was the result of reduced earnings on lower sales, higher production input costs net of customer recoveries, and lower equity income. However, income from operations before income taxes increased to $700 million for the third quarter of 2024 compared to $538 million in the third quarter of 2023 for the giant Canadian-based global mega-supplier to the auto industry.

“We continue to mitigate industry headwinds including lower production volumes in each of our core regions. Our ongoing initiatives and results to date reinforce our conviction in our free cashflow outlook this year and beyond. As we continuously seek to optimize value creation, we are resuming share repurchases in the fourth quarter –ahead of our prior plan,” said Swamy Kotagiri, Magna’s Chief Executive Officer.