05:57 AM EDT, 11/01/2024 (MT Newswires) -- Magna (MG.TO, MGA) was at last look up 6.4% in US premarket on Friday despite reporting Q3 adjusted earnings Friday of US$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.

"We continue to mitigate industry headwinds including lower production volumes in each of our core regions. Our ongoing initiatives and results to date reinforce our conviction in our free cashflow outlook this year and beyond. As we continuously seek to optimize value creation, we are resuming share repurchases in the fourth quarter -- ahead of our prior plan," said Swamy Kotagiri, Magna's Chief Executive Officer.