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TORONTO – Magna International Inc. cut its guidance for its full year after seeing its sales decrease last quarter amid a global production slump of light vehicles.

In its outlook, the Ontario-based auto parts company said Friday it now expects total sales for 2024 between US$42.2 billion and US$43.2 billion, compared with earlier expectations for between US$42.5 billion and US$44.1 billion

The projections came as Magna, which keeps its books in U.S. dollars, reported net income attributable to the company of US$484 million for its third quarter, up from US$394 million a year earlier.

It said the profit amounted to US$1.68 per diluted share for the three months ended Sept. 30, compared with US$1.37 per diluted share a year earlier.

But on an adjusted basis, Magna said it earned US$1.28 per diluted share, down from an adjusted profit of US$1.46 per diluted share a year earlier.

Sales for the quarter totalled US$10.28 billion, down from US$10.69 billion in the same quarter last year.

Magna chief executive Swamy Kotagiri said sales in the quarter were negatively affected by softer than anticipated light vehicle production in North America and Europe, in particular, amid a four per cent decrease globally.

While overall North American production fell six per cent in the quarter, production by Magna’s Detroit-based customers declined 12 per cent.

Light vehicle production in China also fell six per cent, while Europe saw a two per cent decrease.

The company said sales were also hurt by the end of production of certain programs, as well as divestitures, offset in part by the launch of new programs and customer price increases.

The company, which reduced its expectations for light vehicle production around the world, also said it now expects adjusted net income attributable to Magna of US$1.45 billion to US$1.55 billion for 2024, down from earlier guidance for between US$1.5 billion and US$1.7 billion.

“We are responding to the volatile operating environment and are focused on margin expansion, free cash flow generation and increasing return of capital,” Kotagiri told analysts on a conference call Friday to discuss its results.

Chief financial officer Patrick McCann also cautioned that the third quarter “does tend to be a low production period.”

Edward Jones analyst Jeff Windau said that despite constrained production hurting sales, primarily due to supply chain disruptions and labour strikes, Magna’s future growth opportunities look strong.

He highlighted the company’s products supporting the development of electric and autonomous vehicles, such as sensors and software that help Magna typically earn more money per vehicle “given the increased content of technology added.”

“While volatility could remain in the near term, we believe growth will resume as depleted car inventories will take time to be replaced,” Windau said in a note.

“Magna is a supplier to top auto manufacturers and should benefit from increasing production.”

This report by The Canadian Press was first published Nov. 1, 2024.

Companies in this story: (TSX:MG)

The Canadian Press. All rights reserved.

NEW DELHI (AP) — A thick layer of toxic smog cloaked India’s capital on Friday as smoke from firecrackers used to celebrate Diwali, the Hindu festival of lights, pushed air pollution to hazardous levels.

New Delhi’s air quality index plunged into the “severe” category, according to SAFAR, India’s main environmental monitoring agency. In many areas, levels of deadly particulate matter reached seven times the World Health Organization’s safety limit.

Authorities in the capital have banned the use and sale of traditional firecrackers since 2017, asking people to opt for environmentally friendly ones or light shows instead, but the rule is often flouted.

New Delhi, home to more than 33 million people, is regularly ranked one of the most polluted cities in the world.

The air pollution crisis deepens particularly in the winter when the burning of crop residue in neighboring states coincides with cooler temperatures that trap deadly smoke. That smoke travels to New Delhi, leading to a surge in pollution and worsening the public health crisis.

Emissions from industries without pollution controls and the use of coal, which produces most of the country’s electricity, are also linked to poor air quality in urban areas.

“We may not realize it now, but later we will face lung problems,” said Manoj Kumar, a New Delhi resident who does his morning runs around the capital’s iconic India Gate monument.

Several studies have estimated that more than a million Indians die each year from air pollution-related diseases. Tiny particulate matter in polluted air can lodge deep in the lungs and cause a variety of major health problems.

The Canadian Press. All rights reserved.

TORONTO – Joseph Woll rolls with the punches.

And the Toronto Maple Leafs goaltender has dealt with his fair share of body blows.

He appeared poised to take over the No. 1 job last season until getting cut down by a high ankle sprain that cost him 2 1/2 months.

Woll wasn’t at the same level when he returned, splitting duties with crease mate Ilya Samsonov before the latter was tapped on the shoulder for the club’s first-round playoff series.

Then down 3-1 to the Boston Bruins in the best-of-seven matchup, Woll came off the bench and backstopped the Leafs to consecutive victories, but suffered a back injury in the dying seconds of Game 6 that ruled him out of the finale.

He had a long summer to again think about grabbing hold of one of hockey’s most pressure-packed positions — the starting netminder in the sport’s biggest media market — after Toronto lost Game 7 in overtime.

Anthony Stolarz, a journeyman with a solid resume, had signed in free agency, but the job appeared to be Woll’s until groin tightness again sidelined him just prior to the season.

A younger version of the 2016 third-round pick might have handled yet another setback differently.

“I think now I understand there’s things you can control and there’s things you can’t,” Woll explained. “Sometimes when you get injuries like that, you can’t really control much. At the end of the day, I know the work I put in, and I’m confident in that.”

On the heels of an iffy debut, the 26-year-old is starting to look and feel like his old self.

Woll made 24 saves Thursday in Toronto’s 4-1 victory over the Seattle Kraken after allowing four goals on 26 shots in a 5-1 loss to the St. Louis Blues last week.

“A little more comfortable in my second game,” he said. “Getting back into the flow of playing. I look forward to continue playing and keep finding that rhythm.”

Woll, who grew up in suburban St. Louis, entered 2024-25 with a 21-13-1 record, .912 save percentage and 2.76 goals-against average across 36 regular-season games to go along with appearances in seven playoff contests in an injury-stunted career since first breaking into the NHL in 2021.

He watched Stolarz put up an impressive stat line for Toronto (6-4-1) in October with a 4-2-1 mark, .916 save percentage and 2.45 GAA.

Woll said those numbers haven’t added any pressure.

“You can focus on that, (but) I think it’s a bit of a waste of attention,” he said. “Regardless of what situation you’re in, you’re always going to feel a little pressure. That’s what makes playing here pretty fun. I was just really happy to see (Stolarz) do as well as he did.

“It’s a team sport at the end of the day. We’re looking to win.”

Woll’s teammates have been impressed with how he’s handled a string of disappointments on the physical side.

“He’s had a real good approach,” Leafs centre John Tavares said. “Just controlling what he can and focusing on the next day, the next opportunity, and then maximizing that.”

First-year Toronto head coach Craig Berube said Woll’s professionalism has stood out.

“This guy’s dialled in,” he said. “Very on top of what he needs to do.”

Toronto winger William Nylander pointed to Woll’s mental toughness.

“A lot of resilience,” he said. “The work ethic is there every day. That’s why he’s the goalie he is.”

“A test of his character,” added forward Matthew Knies. “No shock to me.”

Woll, however, has had his moments.

“There’s a little bit of emotion and disappointment and frustration when you do get hurt,” he said. “I try to allow myself to feel those things and be human for a bit … then you have to turn the page and look to what’s important.

“And what gets you back.”

This report by The Canadian Press was first published Oct. 31, 2024.

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