1Q profit decline at Magna International due to Fisker impairments and restructuring costs.

Magna International reported a 1Q profit decline of $9M due to $316M in impairments and restructuring costs related to Fisker, an electric vehicle company facing financial issues. Magna's sales increased to $10.97B, but its adjusted earnings per share dropped to $1.08 from $1.15 in the prior year's 1Q. The company lowered its 2024 sales and adjusted net income outlook.