Mexican Media Brands
Magna Sales Set Records for Fourth Quarter, Full Year
Magna International Inc. saw its revenue climb 12% to a record US$10.4 billion in October-December and 7% to a record $38.9 billion in calendar 2017.
#economics
Share
Magna International Inc. saw its revenue climb 12% to a record US$10.4 billion in October-December and 7% to a record $38.9 billion in calendar 2017.
Adjusted operating earnings for the Canadian supplier rose 16% to $809 million for the quarter and 7% to $3.1 billion for the year. Net incomes for the two periods grew 16% to $556 million and 9% to $2.2 billion, respectively.
Magna The estimates assume light-vehicle production of 17.4 million units in North America and 22.4 million units in Europe. The company reiterates prior guidance that its sales this year will reach to between $39.3 billion and $41.5 billion, and net income will increase to $2.3 billion-$2.5 billion.
RELATED CONTENT
-
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.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
Enterprise Edges into Self-Driving Car Market
U.S. rental car giant Enterprise Holdings Inc. is the latest company to venture into the world of self-driving vehicles.