Sales increased 3% to $11.0 billion, compared to a 2% rise in global light vehicle production Diluted earnings per share and Adjusted diluted earnings per share were $0.03 and $1.08, respectively Recorded asset impairments and restructuring totaling $316 million related to Fisker Paid dividends of $134 million Maintaining 2024 Adjusted EBIT Margin Outlook range of 5.4%-6.0% AURORA, Ontario, May 03, 2024 (GLOBE NEWSWIRE) -- Magna International Inc. (TSX:MG, NYSE:MGA) today reported financial results for the first quarter ended March 31, 2024. Please click HERE for full first quarter MD&A and Financial Statements.       THREE MONTHS ENDED       March 31, 2024   March 31, 2023 Reported           Sales     $ 10,970   $ 10,673 Income from operations before income taxes     $ 34   $ 275 Net income attributable to Magna International Inc.     $ 9   $ 209 Diluted earnings per share     $ 0.03   $ 0.73 Non-GAAP Financial Measures(1)Adjusted EBIT     $ 469   $ 449             Adjusted diluted earnings per share     $ 1.08   $ 1.15             All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars   (1) Adjusted EBIT and Adjusted diluted earnings per share are Non-GAAP financial measures that have no standardized meaning under U.S. GAAP, and as a result may not be comparable to the calculation of similar measures by other companies. Effective July 1, 2023, we revised our calculations of Adjusted EBIT and Adjusted diluted earnings per share to exclude the amortization of acquired intangible assets. The historical presentation of these Non-GAAP measures within this press release has also been updated to reflect the revised calculations. Further information and a reconciliation of these Non-GAAP financial measures is included in the back of this press release. A photo of Swamy Kotagiri, Magna's Chief Executive Officer is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d7970d44-dd53-4028-a801-4bb4eed75946 THREE MONTHS ENDED MARCH 31, 2024 We posted Sales of $11.0 billion for the first quarter of 2024, an increase of 3% from the first quarter of 2023, which compares to a 2% increase in global light vehicle production, including 2% and 11% higher production in North America and China, respectively, partially offset by 2% lower production in Europe. In addition to higher global production, our Sales benefitted from the launch of new programs and the acquisition of Veoneer Active Safety, while Sales were negatively impacted by lower volumes in our Complete Vehicles segment and the net weakening of foreign currencies against the U.S. dollar. Adjusted EBIT increased to $469 million in the first quarter of 2024 compared to $449 million in the first quarter of 2023. The increase mainly reflected earnings on higher Sales, including higher margins due to the impact of operational excellence and cost initiatives, productivity and efficiency improvements, including lower costs at certain previously underperforming facilities, higher net transactional foreign exchange gains and lower net warranty costs. These were partially offset by higher employee profit sharing and incentive compensation, higher net production input costs and decreased earnings on lower assembly sales. We recorded asset impairments and restructuring costs totaling $316 million related to Fisker. These amounts are included in Other Expense, net. The impairments exclude the impact of deferred revenue of approximately $195 million that will be recognized in income as performance obligations are satisfied or upon termination of the agreement for manufacturing of the Fisker Ocean SUV. Income from operations before income taxes was $34 million for the first quarter of 2024 compared to $275 million in the first quarter of 2023, which includes Other expense, net, and Amortization of acquired intangibles totaling $384 million and $154 million, respectively. Excluding Other expense, net, and amortization of acquired intangibles from both periods, Income from operations before income taxes decreased $11 million in the first quarter of 2024 compared to the first quarter of 2023.   Net income attributable to Magna International Inc. was $9 million for the first quarter of 2024 compared to $209 million in the first quarter of 2023, which includes after tax Other expense, net, and Amortization of acquired intangibles totaling $302 million and $120 million, respectively. Excluding Other expense, net, after tax and Amortization of acquired intangibles from both periods, Net income attributable to Magna International Inc. decreased $18 million in the first quarter of 2024 compared to the first quarter of 2023. Diluted earnings per share decreased to $0.03 in the first quarter of 2024, compared to $0.73 in the first quarter of 2023, and Adjusted diluted earnings per share decreased to $1.08 compared to $1.15.   In the first quarter of 2024, we generated Cash from operations before changes in operating assets and liabilities of $591 million and used $330 million in Operating assets and liabilities. Investment activities for the first quarter of 2024 included $493 million in Fixed asset additions and a $125 million increase in Investments, other assets and intangible assets. RETURN OF CAPITAL During the three months ended March 31, 2024, we paid dividends of $134 million. Our Board of Directors declared a first quarter dividend of $0.475 per Common Share, payable on May 31, 2024 to shareholders of record as of the close of business on May 17, 2024. SEGMENT SUMMARY ($Millions) For the three months ended March 31, Sales   Adjusted EBIT             2024             2023           Change             2024             2023           Change Body Exteriors & Structures $         4,429   $         4,439   $         (10 )   $         298   $         272   $         26   Power & Vision           3,842             3,323             519               98             92             6   Seating Systems           1,455             1,486             (31 )             52             37             15   Complete Vehicles           1,383             1,626             (243 )             27             52             (25 ) Corporate and Other           (139 )           (201 )           62               (6 )