|Bid||45.00 x 0|
|Ask||45.05 x 0|
|Day's Range||43.68 - 45.50|
|52 Week Range||33.22 - 76.11|
|Beta (5Y Monthly)||1.44|
|PE Ratio (TTM)||8.05|
|Earnings Date||May 06, 2020 - May 10, 2020|
|Forward Dividend & Yield||2.32 (5.17%)|
|Ex-Dividend Date||Mar. 04, 2020|
|1y Target Est||66.02|
AURORA, Ontario, March 27, 2020 -- Magna International Inc. (TSX: MG; NYSE: MGA) today announced that its 2019 Annual Report, including Management’s Discussion and Analysis and.
AURORA, Ont. — Magna International Inc. has withdrawn its 2020 outlook because of the "high degree of business uncertainty" caused by the COVID-19 pandemic.The Aurora, Ont.-based auto parts company says many of its plants, particularly in North America and Europe, have reduced or suspended operations as auto companies have scaled back because of the outbreak.The company says its operations in China are also still ramping up and below levels expected earlier this year, after an extended downtime in February.Magna had reaffirmed its outlook in its Feb. 21 quarterly results of between US$38 billion and US$40 billion, but said at the time that it was too early to assess the true impact of the outbreak.With auto production down, Magna says it has repurposed factories in Europe to help produce masks, with production as of Thursday up to about 51,000 a day. Similar facilities in Mexico are producing about 2,000 a day but still ramping up.The company says it's also in discussions with automakers to provide parts for ventilators, face shields and other equipment.This report by The Canadian Press was first published March 27, 2020.Companies in this story: (TSX:MG)The Canadian Press
AURORA, Ontario, March 26, 2020 -- Magna International Inc. (TSX: MG; NYSE: MGA) today provided an update on a number of actions related to the COVID-19 pandemic. Magna has.
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(Bloomberg) -- Waymo raised $2.25 billion from a slate of private equity investors, venture capitalists and automotive companies, the first time Alphabet Inc.’s autonomous vehicle unit has taken outside funds.Silver Lake Management LLC, a private equity firm, led the round, which also includes auto manufacturer Magna International Inc., car seller AutoNation Inc., Abu Dhabi’s Mubadala Investment Co. and the Canada Pension Plan Investment Board. “We’ve always approached our mission as a team sport,” John Krafcik, Waymo’s chief executive officer, wrote in a blog post Monday. The $2.25 billion number is an “initial” close, he also noted, suggesting the deal may grow. Financing rounds from Alphabet and outsiders will be a “pattern” going forward, Krafcik, a former Detroit executive who joined Waymo in 2015, said during a call with reporters.The deal helps Google parent Alphabet spread the cost of funding Waymo as the unit pushes ahead to commercialize its autonomous driving technology. Krafcik also suggested the parent company could eventually spin Waymo off into an independent business.“It’s always been on the road map for Alphabet as a possibility for some of these ‘Other Bets’ like Waymo to become completely independent, spun-out entities, so it’s certainly a possibility in the future for us,” the CEO said.Alphabet’s “Other Bets” division, which includes Waymo, has absorbed billions of dollars in losses in recent years. Other businesses that are part of this division have taken outside funding, too. Early last year, Verily, the company’s biotech arm, raised money from Silver Lake and other backers.Waymo is also setting up an operating board, its first outside oversight to date. Silver Lake co-CEO Egon Durban and Ryan Selwood from the Canada Pension plan will join the board.Krafcik said Waymo wants to expand its driverless fleet to new locations, mentioning the Middle East as one possibility, but he declined to share details. He also didn’t disclose Waymo’s new valuation from Monday’s deal.“We certainly do see this as validation of the work we’ve been doing at Waymo and the potential before us,” Krafcik added.The company is also merging its local delivery and long-haul trucking operations into a single business line called Waymo Via. Waymo One is the ride-hailing service that the company operates in suburban Phoenix and plans to expand to other cities.With both divisions, said Krafcik, Waymo would follow parallel paths of building owned-and-operated services and partnering with other providers.(Updates with CEO comments from fourth paragraph.)To contact the reporters on this story: Mark Bergen in San Francisco at firstname.lastname@example.org;Ira Boudway in New York at email@example.comTo contact the editors responsible for this story: Alistair Barr at firstname.lastname@example.org, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
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AURORA, Ontario, Feb. 27, 2020 -- Magna International Inc. (TSX: MG, NYSE: MGA), a mobility technology company and global leader in the automotive industry, will hold an.
Magna is helping automakers prepare for a future that emphasizes electrificationMagna’s new e4 technology demonstrator car sets a new benchmark in EV efficiency, driving.
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AURORA, Ont. — Magna International Inc. says its operations in China are still running under capacity because of the novel coronavirus outbreak, but that it's too early to say what the long-term impacts might be.The Aurora, Ont.-based auto parts maker says that many of its 55 manufacturing plants and 13 development and sales offices are back up and running, though not at full capacity, while some are still closed. The biggest impacts for Magna of the virus known as COVID-19, however, may be from disrupted parts shipments to its larger operations aboard, said CEO Don Walker on a conference call Friday."We are relatively small in China, so the biggest thing that I'm interested in, quite frankly is, is the production holes in the shipments that are coming back to Europe and North America."Company CFO Vincent Galifi said the company is still uncertain what kind of effect the outbreak will have on sales. It also doesn't yet know what additional costs it will incur due to plant inefficiencies resulting from their lower staffing levels."It is too early to tell. Our plants have been resuming operations, albeit at lower utilization levels. We'll get a better feel as we get to the end of Q1," said Galifi.He said that the company doesn't expect to take longer-term impairment charges because of the virus, as production levels should return to normal eventually.The company has maintained its 2020 outlook, though it notes it has not made any adjustments from COVID-19 since it's still too early to say when customer operations will fully resume, how well they will be able to recover lost production, and what risks there are to the supply chain. Uncertainty on the virus did not stop the company from raising its quarterly dividend to 40 cents per share, up from 36.5 cents per share, as it reported a fourth-quarter profit attributable to the company of US$440 million.The increased payment to shareholders came as Magna says its latest profit amounted to US$1.43 per diluted share compared with a profit US$456 million or US$1.37 per diluted share a year ago when it had more shares outstanding.Sales for the company, which keeps its books in U.S. dollars, totalled nearly $9.4 billion, down from $10.1 billion in the fourth quarter of 2018. Sales were hit by the protracted General Motors strike that contributed to a seven per cent cut in light vehicle production, as well as a three per cent decline in European production.On an adjusted basis, Magna says it earned $1.41 per diluted share in its most recent quarter, down from an adjusted profit of $1.63 per diluted share in the same quarter a year earlier.Analysts on average had expected an adjusted profit of $1.33 per share, according to financial markets data firm Refinitiv.This report by The Canadian Press was first published Feb. 21, 2020.Companies in this story: (TSX:MG)The Canadian Press
Fourth Quarter 2019 Highlights Cash from operations increased to $1.70 billion, despite lower sales and earningsReturned $365 million to shareholders through share repurchases.