Magna International Inc. (NYSE:MGA) Q3 2024 Earnings Conference Call November 1, 2024 8:00 AM ET

Company Participants

Swamy Kotagiri - CEO
Patrick McCann - EVP and CFO
Louis Tonelli - VP, IR

Conference Call Participants

John Murphy - Bank of America
Tamy Chen - BMO Capital Markets
William Tackett - Morgan Stanley
Dan Levy - Barclays
Alejandro Nuno - UBS
Tom Narayan - RBC Capital Markets
James Picariello - BNP Paribas
Bruno Dossena - Wolfe Research
Mark Delaney - Goldman Sachs
Colin Langan - Wells Fargo
Michael Glen - Raymond James

Operator

Thank you for standing by. My name is Kayla, and I will be your conference operator today. At this time, I would like to welcome everyone to the Magna International Third Quarter 2024 Results Webcast. [Operator Instructions]

I would now like to turn the call over to Louis Tonelli, Vice President of Investor Relations. You may begin.

Louis Tonelli

Thanks very much. Hello, everyone, and welcome to our conference call covering our third quarter 2024. Joining me today are Swamy Kotagiri and Pat McCann.

Yesterday, our Board of Directors met and approved our financial results for the third quarter of 2024 and our updated outlook for 2024. 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 the reminder slide included in our presentation that relates to our commentary today.

With that, I'll pass the call over to Swamy.

Swamy Kotagiri

Thank you, Louis. Good morning, everyone. I appreciate you joining our call today.

As always, let's jump right in. Let me highlight a few key takeaways before we get into the details of the quarter. We are mitigating industry headwinds, including lower production volumes in each of our core regions, and continue to execute with an adjusted EBIT margin of 5.8%, in line with Q3 2023, despite 4% lower global vehicle production.