Friday, Magna International Inc (NYSE:MGA) reported fourth-quarter 2023 sales of $10.45 billion, almost in line with the consensus of $10.46 billion.
Sales increased 9% Y/Y, compared to a 7% increase in global light vehicle production, including 5%, 7%, and 12% higher production in North America, Europe, and China, respectively.
Sales increased by 4%, excluding foreign currency translation and acquisitions net of divestitures.
In addition to higher global vehicle production, the company says sales benefitted from the launch of new programs and acquisitions net of divestitures, partially offset by the negative impact of lost vehicle production as a result of the UAW labor strikes at certain customers during …