Magna’s Quarterly Sales, Earnings Jump

Magna International Inc. reports its sales in October-December 2013 rose 14% to US$9.2 billion. Net income climbed 30% to $458 million.

Adjusted income before interest and taxes zoomed 51% to $514 million for the quarter. The Canadian supplier hiked sales of completely assembled vehicles 17% to 37,000 units. Revenue from such sales advanced 13% to $788 million.

Fourth-quarter results gave Magna a full-year net profit of $1.56 billion compared with $1.43 billion in 2012. Revenue for the year rose 13% to $34.8 billion. Adjusted EBIT grew nearly 25% to $2.07 billion.

For 2014, the company expects light-vehicle production volumes of 16.7 million in North America and 19.3 million in Europe. Magna predicts its sales will be between $33.8 billion and $35.5 billion this year.