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Magna’s 1Q Sales, Earnings Rise
Magna International Inc. reports its sales climbed 15% to US$8.9 billion, and net income rose 8% to $492 million in January-March.
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Magna International Inc. reports its sales climbed 15% to US$8.9 billion, and net income rose 8% to $492 million in January-March.
The Canada-base supplier says results were buoyed by year-on-year increases in car and light truck production in North America (+10% to 4.5 million units) and Europe (+7% to 5.6 million units).
Results also reflect Magna’s $1.9 billion acquisition of German transmission maker Getrag AG in January. Getrag supplies such carmakers as BMW, Daimler, Ford, Great Wall, Renault and Volvo.
Revenue from the sale of vehicles Magna assembles for others under contract slipped 1% to $596 million in January-March. The company notes unfavorable exchange rates cut the unit's revenue by $12 million in U.S. dollars.
Magna’s first-quarter sales in North America grew 13% to $4.8 billion. In Europe, revenue climbed 20% to $2.3 billion. Sales in Asia jumped 26% to $507 million. Adjusted earnings before interest and taxes improved in all three regions.
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