05:41 AM EDT, 11/01/2024 (MT Newswires) -- Magna International ( MGA ) reported Q3 adjusted earnings Friday of $1.28 per diluted share, down from $1.46 a year earlier.

Analysts polled by Capital IQ expected $1.40.

Sales for the quarter ended Sept. 30 were $10.28 billion, compared with $10.69 billion a year earlier.

Analysts polled by Capital IQ expected $10.39 billion.

The company said its board approved a one-year normal course issuer bid to purchase up to about 28.5 million of its common shares, or about 10% of its public float, expected to start Nov. 7, subject to the Toronto Stock Exchange's approval.

Price: 40.49, Change: +1.02, Percent Change: +2.58