Mexican Media Brands
Magna’s First-Quarter Income Climbs 19%
First-quarter pretax and net income for Canadian mega-supplier Magna International Inc. each rose 19%, to US$806 million and $586 million, respectively.
#economics
Share
First-quarter pretax and net income for Canadian mega-supplier Magna International Inc. each rose 19%, to US$806 million and $586 million, respectively.
Revenue for the period advanced 5% to $9.4 billion. The growth was in spite of a 1% dip in light-vehicle production in North America and a 31% drop in the company’s contract vehicle assembly business.
Magna says cash from operating activities in January-March soared 46% to $698 million compared with the first quarter of 2016. All geographic sectors reported stronger adjusted earnings before interest and taxes.
For the full year, Magna anticipates light-vehicle production of 17.5 million units in North America and 21.9 million units in Europe, and revenue between $36.6 billion and $38.3 billion.
RELATED CONTENT
-
On Urban Transport, the Jeep Grand Wagoneer, Lamborghini and more
Why electric pods may be the future of urban transport, the amazing Jeep Grand Wagoneer, Lamborghini is a green pioneer, LMC on capacity utilization, an aluminum study gives the nod to. . .aluminum, and why McLaren is working with TUMI.
-
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.
-
Ford’s $42 Billion Cash Cow
F-Series pickups generate about 30% of the carmaker’s revenue. The tally is about twice as much as what McDonald’s pulls in.