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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.
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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.
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