Magna International (MG) lost $156 million U.S. in the second quarter due to COVID-19
lockdowns in China and the company exiting its operations in Russia.
The Canadian auto parts manufacturer, which reports its results in U.S. dollars, said its Q2
earnings were also impacted by a stronger U.S. dollar relative to other currencies, notably the
Euro.
Magna reported that it lost $156 million U.S., or $0.54 U.S. per share, in the second quarter,
which includes $1.24 U.S. of non-cash impairment charges related to its investment in Russia.
The latest results compare with earnings of $424 million U.S., or $1.40 U.S. per share, in the
second quarter of 2021.
The company’s net income in Q2 declined to $243 million U.S., or $0.83 U.S. per share,
compared with $426 million U.S., or US$1.40 U.S. per share, a year earlier.
Despite the loss, Magna announced that its sales rose compared to the same quarter of 2021.
Magna said sales during the April through June period totaled $9.36 billion U.S., a 3.6% gain
from $9.03 billion U.S. a year ago. The company said the higher sales were due to a 14%
increase in North America.
Magna stock is down 25% this year at $81.77 per share.
