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Magna International Announces Second Quarter 2024 Results

Quarterly Results Reflect Growth and Strong Financial Performance

Highlights of the Second Quarter 2024 Results:

Magna International Inc. (TSX: MG) today announced its financial results for the second quarter of 2024. The company reported net income attributable to Magna International Inc. of $214 million, an increase of 8.5% compared to the first quarter of 2024. Diluted earnings per share were $1.48 for the second quarter of 2024, compared to $1.36 for the first quarter of 2024.

Magna's revenue increased by 4.9% to $10.6 billion for the second quarter of 2024, compared to $10.1 billion for the first quarter of 2024. The increase in revenue was driven by higher production volumes, primarily in North America and Europe. The strongest growth was in the company's Complete Vehicle Manufacturing and Power and Motion segments.