Magna reported that sales were adversely affected by the cessation of production for specific programs, including the BMW 5-Series, and by reduced volumes of complete vehicle assembly. As a result, quarterly sales at its complete vehicle manufacturing unit fell by 18.6 per cent to $ 1.24 billion.

In contrast, Aptiv, a competitor, exceeded Wall Street's profit expectations on Thursday. However, its revenue from the segment producing electrical components decreased by 3 per cent due to reduced production by some of its customers.

In May, Magna faced asset impairments and restructuring costs totalling $ 316 million related to the struggling EV startup Fisker. Consequently, the Ontario-based company revised its 2026 sales forecast downward to a range of $ 44.0 billion to $ 46.5 billion, from the previous estimate of $ 48.8 billion to $ 51.2 billion.

For the second quarter ending in June, Magna reported adjusted earnings of $ 1.35 per share, falling short of the estimated $ 1.44 according to LSEG data. The company's quarterly revenue declined slightly to $ 10.96 billion, whereas analysts had anticipated around $ 11 billion.