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Magna’s Quarterly Sales Hit Record High as Profits Drop
Magna International Inc.’s revenue grew 5% to a record US$10.1 billion in the fourth quarter of 2018. But net income fell 18% to $456 million.
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Magna International Inc.’s revenue grew 5% to a record US$10.1 billion in the fourth quarter of 2018. But net income fell 18% to $456 million.
The Canadian super-supplier says its Magna Steyr contract vehicle assembly business saw quarterly revenue jump 39% to $1.7 billion. Output climbed 35% to 36,600 units. The business current makes BMW 5 Series sedans, Jaguar I-Pace and E-Pace crossover vehicles and Mercedes G-Glass SUVs.
Magna says its pretax income dropped 21% to $607 million in October-December primarily because of heavier investment in electrification and autonomous driving technologies.
For the full year, the supplier’s sales in 2018 totaled a record $40.8 billion, up 12%. Net income advanced 5% to $2.3 billion.
Magna reiterates its previous guidance for this year’s results. The company predicts revenue will total between $40.2 billion and $42.4 billion, with net income between $2.1 billion and $2.3 billion.
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