Mexican Media Brands
Magna Posts Record Sales, Earnings
Magna International Inc. reports a 21% jump to $10.8 billion in first-quarter sales and 14% increase to $660 million in net income. Both results were records.
#economics
Share
Magna International Inc. reports a 21% jump to $10.8 billion in first-quarter sales and 14% increase to $660 million in net income. Both results were records.
The Canadian mega-supplier notes that its growth came in spite of flat vehicle production in Europe and a 2% decline in North America. Adjusted earnings before interest and taxes advanced 7% to $875 million.
About 60% of the company’s sales growth in January-March was contributed by its contract vehicle assembly operations. But that business has significantly lower margins. As a result, EBIT as a percentage of sales dropped to 8.1% from 9.2% in the same quarter last year.
Magna has updated its outlook for 2018. The company now expects sales of about $42 billion, up 4% from its previous guidance. Net income is now expected to be between $2.4 billion and $2.6 billion, up $100 million.
RELATED CONTENT
-
Porsche Doubles EV Target for 2025
Porsche AG says about half the vehicles it sells by 2025 will be equipped with hybrid or all-electric powertrains, twice the ratio it forecast four weeks ago.
-
Inside Ford
On this edition of “Autoline After Hours” Joann Muller, Detroit bureau chief for Forbes, provides insights into what she’s learned about Ford, insights that are amplified on the show by our other panelists, Stephanie Brinley, principal analyst at IHS Markit who specializes in the auto industry, and Todd Lassa, Detroit Bureau Chief for Automobile.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.