Magna International (MGA) Q2 2023 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings and welcome to the Q2 2023 results conference call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question and answer session. At that time, if you have a question, please press the one followed by the four on your telephone. If at any time during the conference, you need to reach an operator, please press star, zero.

As a reminder, this conference is being recorded Friday, August 4, 2023.

I would now like to turn the conference over to Louis Tonelli, Vice President, Investor Relations. Please go ahead.

Louis Tonelli

Thanks Rita. Hello everyone and welcome to our conference call covering our second quarter 2023. Joining me today are Swamy Kotagiri and Pat McCann.

Yesterday, our board of directors met and approved our financial results for the second quarter of ’23 as well as our ’23 outlook--our updated ’23 outlook. We issued a press release this morning outlining our results. You’ll find the press release, today’s conference call webcast, the slide presentation 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 our reminder slide included in the presentation that relates to our commentary today.

With that, I’ll pass it over to Swamy.

Swamy Kotagiri

Thank you Louis. Good morning everyone. I appreciate you joining our call today and I’m happy to kick off today’s call with an update on our progress, and following a financial update from Pat, I look forward to answering your questions.

Before diving into the details, let me walk you through some key highlights. We successfully completed the acquisition of Veoneer Active Safety during the second quarter, solidifying our position as a global leader in active safety. There is a lot of excitement and energy around Magna as a result of this acquisition.