Magna announces fourth quarter 2023 results and 2024 outlook

Fourth quarter 2023 highlights sales increased 9% to $10.5 billion, compared to 7% increase in global light vehicle production sales increased 4% excluding foreign currency translation and acquisitions net of divestitures diluted earnings per share and adjusted diluted earnings per share increased to $0.94 and $1.33, respectively, compared to $0.33 and $0.94 last year paid $133 million in dividends raised quarterly cash dividend to $0.475 per share 2024 outlook highlights sales expected to continue to outgrow global light vehicle production through outlook period expect adjusted ebit margin to expand by 180 basis points or more by 2026 to 7.0-7.7% range aurora, ontario, feb. 09, 2024 (globe newswire) -- magna international inc. (tsx: mg; nyse: mga) today reported financial results for the fourth quarter and year ended december 31, 2023.       three months endeddecember 31,   year endeddecember 31,         2023       2022       2023       2022     reported                                       sales   $ 10,454     $ 9,568     $ 42,797     $ 37,840                         income from operations before income taxes   $ 310     $ 146     $ 1,606     $ 878                         net income attributable to magna international inc.   $ 271     $ 95     $ 1,213     $ 592                         diluted earnings per share   $ 0.94     $ 0.33     $ 4.23     $ 2.03                       non-gaap financial measures (1)                                       adjusted ebit   $ 558     $ 367     $ 2,238     $ 1,708                         adjusted diluted earnings per share   $ 1.33     $ 0.94     $ 5.49     $ 4.24                       all results are reported in millions of u.s. dollars, except per share figures, which are in u.s. dollars.
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