Magna International says margins for 2022 will be lower than expected

TORONTO — Magna International Inc. says its margins for 2022 are expected to come in lower than it forecast.

The auto parts company says 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 5.0 per cent expected in its November outlook for the year.

Based on the preliminary results, Magna says total sales for 2022 were about US$37.8 billion.

The company had expected sales in the range of US$37.4 billion to US$38.4 billion.

Magna is scheduled to report its full financial results for its fourth quarter and full year on Feb. 10.

This report by The Canadian Press was first published Jan. 24, 2023.

Companies in this story: (TSX:MG)

The Canadian Press