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Magna Sales, Income Drop
Magna International Inc. reports its sales and net income fell 3% to US$8.6 billion and 6% to US$483 million, respectively, in the fourth quarter of 2015.
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Magna International Inc. reports its sales and net income fell 3% to US$8.6 billion and 6% to US$483 million, respectively, in the fourth quarter of 2015.
The Canadian supplier, which reports results in U.S. dollars, says unfavorable exchange rates reduced revenue by $770 million in October-December. When currency translation is ignored, sales rose 6% for the period.
Magna’s full-year revenue shrank 7% to $32.1 billion, with unfavorable currency exchange reducing the total by $3.4 billion. Net income advanced 1% to $1.95 billion.
The company forecasts its sales this year will grow between 8% and 13%.
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