The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Peter Sklar - BMO Capital Markets Equity Research - Analyst
: A question on the decremental margin of 22% in the quarter. As you know, there were various government subsidy programs in regions where
they subsidized wages and other programs as well. Did that -- was that a meaningful amount? And would that have had a positive impact on the
decremental margin? Or were those subsidies that Magna would have received relatively minor?
Question: Peter Sklar - BMO Capital Markets Equity Research - Analyst
: Okay. And Vince, like you touched on this a little bit in a previous question. But like your decremental margin was 22% in the quarter. But in your
guidance, like you're guiding for a decremental margin of under 20%. So I'm just wondering why it's not the same on the way up as on the way
down? Or I'm just being too precise, it's really this 22% and 20% are really the same thing?
Question: Peter Sklar - BMO Capital Markets Equity Research - Analyst
: Okay. And then lastly, Vince, can you just -- based on your guidance, Magna is going to be back to profitability in the second half, generating good
free cash flow. Can you comment on the NCIB and what your thinking is in terms of resuming the share buyback?
Question: James Albert Picariello - KeyBanc Capital Markets Inc., Research Division - Analyst
: Just to clarify on the second half guide, which is, of course, appreciated. So the implied back half, you're looking at $650 million lower sales. I think
the comment was just made that, that drops through at a 20%, 22% decremental, right? So that's $150 million in loss to EBIT for the back half, and
Question: James Albert Picariello - KeyBanc Capital Markets Inc., Research Division - Analyst
: Got it. That's helpful. Question on Complete Vehicles. The margins are continuing to improve on down sales as there's a recovery in the back half.
Should we expect margins similar to maybe the second half of '19? Or do they continue to -- at the first half run rate here?
Question: James Albert Picariello - KeyBanc Capital Markets Inc., Research Division - Analyst
: Got it. Just to clarify on the restructuring efforts, $168 million charge in the quarter, is that something that possibly continues through the second
half? Or is that a charge that reflects the entire effort, possibly, potentially?
Question: James Albert Picariello - KeyBanc Capital Markets Inc., Research Division - Analyst
: Is there a typical return you get on your restructuring efforts in terms of savings versus costs? Is there -- typical?
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