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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.
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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.
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