Magna's Quarterly Results Fall Short Due to Fewer Vehicle Assemblies

05 Aug 2024 CW Team

Auto parts supplier Magna International missed analysts' estimates for its second-quarter results, primarily due to halted production for certain vehicles and decreased volumes of assembled automobiles. Magna, which serves clients such as BMW, Mazda, and Ferrari, is involved in both parts production and complete vehicle assembly for various automakers.

Magna reported that sales were adversely affected by the cessation of production for specific programs, including the BMW 5-Series, and by reduced volumes of complete vehicle assembly. As a result, quarterly sales at its complete vehicle manufacturing unit fell by 18.6 per cent to $ 1.24 billion.

In contrast, Aptiv, a competitor, exceeded Wall Street's profit expectations on Thursday. However, its revenue from the segment producing electrical components decreased by 3 per cent due to reduced production by some of its customers.

In May, Magna faced asset impairments and restructuring costs totalling $ 316 million related to the struggling EV startup Fisker. Consequently, the Ontario-based company revised its 2026 sales forecast downward to a range of $ 44.0 billion to $ 46.5 billion, from the previous estimate of $ 48.8 billion to $ 51.2 billion.

For the second quarter ending in June, Magna reported adjusted earnings of $ 1.35 per share, falling short of the estimated $ 1.44 according to LSEG data. The company's quarterly revenue declined slightly to $ 10.96 billion, whereas analysts had anticipated around $ 11 billion.

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..