Mobility technology company Magna International, Inc. (MGA,MG.TO) Friday reported a loss in its first quarter, compared to prior year's profit, hurt by a loss related to certain asset sale, despite highr sales.
Looking ahead for fiscal 2026, the company continues to project adjusted earnings per share in the range of $6.25 to $7.25, and adjusted EBIT Margin between 6.0 percent and 6.6 percent.
Sales are now expected between $41.5 billion and $43.1 billion, lower than previous estimate of $41.9 billion and $43.5 billion.
In fiscal 2025, adjusted earnings per share were $5.73, and sales were $42.01 billion.
In the first quarter, net loss attributable to the company was $12 million or $0.04 per share, compared to last year's profit of $146 million or $0.52 per share.
Adjusted earnings per share were $1.38, compared to $0.78 last year.
Income from operations before income taxes was $87 million, compared to $225 million last year. The latest results included a $485 million loss on assets held for sale related to the announced dispositions of Lighting and Rooftop Systems businesses within Power & Vision.
Adjusted EBIT increased 58% to $558 million, with Adjusted EBIT margin expanding 190 basis points to 5.4%.
Sales increased 3% to $10.38 billion from prior year's $10.07 billion, despite a 7% decline in global light vehicle production.
In pre-market activity, the shares were trading 0.5 percent higher at $64.00.
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