Magna lowers sales outlook amid ongoing economic headwinds

TORONTO — Magna International Inc. reported a loss attributable to the company of US$12 million in its latest quarter compared with a profit of US$146 million a year earlier.

The Ontario-based automotive supplier, which keeps its books in U.S. dollars, says the loss amounted to four cents per diluted share for the quarter ended March 31 compared with a profit of 52 cents per diluted share a year ago.

On an adjusted basis, Magna says it earned US$1.38 per share in its latest quarter compared with an adjusted profit of 78 cents US per share a year earlier.

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Sales totalled US$10.38 billion for the quarter, up from US$10.07 billion in the first quarter of 2025.

In its updated outlook, Magna says it now expects its sales for 2026 to total between US$41.5 billion and US$43.1 billion, down from its earlier forecast for between $41.9 billion and US$43.5 billion.

Magna is one of the world’s largest automotive suppliers and has operations across 28 countries around the world.

This report by The Canadian Press was first published May 1, 2026.