Magna, which counts BMW, Mazda and Ferrari as customers, produces parts and builds vehicles at its complete vehicle manufacturing unit for various automakers.
"Sales were negatively impacted by the end of production of certain programs, lower complete vehicle assembly volumes, including as a result of the end of production of the BMW 5-Series," Magna said.
Quarterly sales at its complete vehicles unit, which assembles models for global carmakers, fell 18.6% to USD 1.24 billion.
Rival Aptiv beat Wall Street expectations for quarterly profit on Thursday. However, revenue from the company's segment which makes electrical components declined 3% due to a reduction in production by some customers.
In May, Magna recorded asset impairments and restructuring costs of USD 316 million related to embattled EV startup Fisker.
Ontario-based Magna lowered its 2026 sales forecast range to USD 44.0 billion to USD 46.5 billion, compared with its prior view of USD 48.8 billion to USD 51.2 billion.
On an adjusted basis, the company earned USD 1.35 per share in the second quarter ending June, compared with estimates of USD 1.44, according to LSEG data.
Magna's quarterly revenue fell marginally to USD 10.96 billion. Analysts had expected revenue of about USD 11 billion.
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