MGA - Magna International Inc. (MGA) Q4 2023 Earnings Call Transcript

2024-02-09 12:54:13 ET

Magna International Inc. (MGA)

Q4 2023 Earnings Conference Call

February 09, 2024, 8:00 AM ET

Company Participants

Louis Tonelli - Vice President, Investor Relations

Swamy Kotagiri - Chief Executive Officer

Patrick McCann - Executive Vice President and Chief Financial Officer

Conference Call Participants

John Murphy - Bank of America

Chris McNally - Evercore ISI

Tamy Chen - BMO Capital Markets

Mark Delaney - Goldman Sachs

Tom Narayan - RBC Capital

Itay Michaeli - Citigroup

Krista Friesen - CIBC

Rod Lache - Wolfe Research

Brian Morrison - TD Securities

Colin Langan - Wells Fargo

Joseph Spak - UBS Securities

Michael Glen - Raymond James

Presentation

Operator

Greetings and welcome to the Magna International Q4 and Year-End 2023 Results and 2024 Outlook Conference Call. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded today, Friday, February 9th, 2024.

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

Louis Tonelli

Thanks. Hello, everyone, and welcome to our conference call covering our 2023 results and our 2024 outlook. Joining me today are Swamy Kotagiri and Pat McCann. Yesterday, our Board of Directors met and approved our financial results for the fourth quarter of 2023 as well as our 2024 financial outlook.

We issued a press release this morning outlining both of these. 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. This morning, we will cover our 2023 highlights as well as our Q4 results. We will then provide our '24 outlook and lastly, run through our financial strategy.

And 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 let's jump right in. Overall, I was pleased with our 2023 operating performance, including good launch execution that helped us to continue to drive organic sales growth over market and record sales of $42.8 billion....

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