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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.
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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.
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