Magna sees FY24 revenue $43.8B-$45.4B, consensus $44.97B

Sees FY24 adjusted EBIT margin 5.4%-6%. Sees FY24 capital spending $2.5B. Sees FY24 tax rate 21%. “I am pleased with our 2023 operating performance, highlighted by strong execution on higher sales, success in offsetting inflationary pressures, and the benefits from operational excellence activities across the company. We completed the acquisition of Veoneer Active Safety, and are on track to deliver meaningful synergies to our combined Active Safety business. As we begin 2024, we remain focused on delivering on our short- and long- term growth, while emphasizing margin expansion, increasing free cash flow and driving returns on investment.” – Swamy Kotagiri, Magna’s CEO.