Magna International Inc. (MGA) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 29, 2022 8:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings, everyone, and welcome to the Q1 2022 Results Call. During the presentation, all participants’ line will remain in a listen-only mode. Afterwards, we will conduct a question-and-answer session with instructions to follow. [Operator Instructions]. Please note today’s call is being recorded Friday, April 29, 2022.

It is now with pleasure that I turn today's presentation over to Mr. Louis Tonelli, Vice President, Investor Relations. Please go ahead, sir.

Louis Tonelli

Thanks, Bridget. Hello, everyone, and welcome to our conference call covering our Q1 2022 results. Joining me today are Swamy Kotagiri, Vince Galifi and Pat McCann. Yesterday, our Board of Directors met and approved our financial results for Q1 2022. We issued a press release this morning outlining our results. You find the press release, today's conference call webcast, the slide presentations to go along with the call and our updated quarterly financial review all in the Investor Relations section of our website at magna.com.

Before we get started, just as a reminder, the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation. Such statements involve certain risks, assumptions and uncertainties, which may cause the company's actual or future results and performance to be materially different from those expressed or implied in these statements. Please refer to today's press release for a complete description of our safe harbor disclaimer. Please also refer to the reminder slide included in today’s deck related to our commentary.

And with that, I'll pass it over to Swamy.

Swamy Kotagiri

Thank you, Louis. Good morning, everyone. Let me start by saying that our thoughts go out to all those that are suffering as a result of the situation in Ukraine. Although, we don't have facilities in Ukraine, we have the privilege of working with thousands of Ukrainian colleagues in our Magna operations around the world as well as those at our facilities in Russia who share the same values of human rights, diversity and inclusion.

We continue to operate under very difficult industry conditions, facing additional challenges that began this past quarter. Under the circumstances, we are pleased that our results outperformed our expectations. We continue to focus on operational excellence, cost controls and customer recoveries to mitigate the pressures we are facing.