Canadian auto parts giant Magna International (MG) has warned that its margins for 2022 will be lower than previously forecast.
Specifically, the Aurora, Ontario-based company said that its adjusted earnings before interest and taxes (EBIT) margin is now likely to come in at about 4.3% for 2022.
That revised outlook is below a range of 4.8% to 5.0% forecast this past November.
Magna added that, based on preliminary results, its sales for 2022 were about $37.8 billion U.S. The company had previously forecast sales in a range of $37.4 billion U.S. to $38.4 billion U.S.
Magna is scheduled to report its full financial results for the fourth quarter and full year 2022 on February 10.
Magna International’s stock has declined 18% over the past 12 months to $81.25 per share.
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