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Magna’s Quarterly Earnings Grow 18%
Magna International Inc. says unfavorable exchange rates shrank its sales revenue in January-March 7% (US$880 million) to $8.3 billion from the same period in 2014.
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Magna International Inc. says unfavorable exchange rates shrank its sales revenue in January-March 7% (US$880 million) to $8.3 billion from the same period in 2014.
But adjusted earnings before interest and taxes rose 6% to $642 million. Net income surged 18% to $465 million.
The Canadian company's contract vehicle assembly business made about 27,000 cars in the first quarter, down from 35,000 a year earlier. Related revenue plunged 28% to $584 million.
Magna's quarterly external production sales in North America advanced 1% to nearly $4.5 billion. Over the same period, external production sales rose 10% to $421 million in Asia but fell 17% to $2.2 billion in Europe. Volume in the rest of the world slid 17% to $131 million.
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