Magna’s Sales, Net Earnings Rise
Magna International Inc.’s third-quarter sales revenue rose 9% to US$9.6 billion.
#economics
Magna International Inc.’s third-quarter sales revenue rose 9% to US$9.6 billion. Net income grew 8% to $554 million, mainly because of lower tax rates.
Magna’s pretax income for the period dipped 1% to $674 million. The company notes that its body exteriors and structures business was hurt by costly launch costs and underperforming facilities.
The Canadian supplier also trimmed its vehicle production forecasts and revised its full-year outlook toward the lower end of its previous guidance.
The company now expects vehicle production will total 17 million units in North America and 22.5 million in Europe, down by 200,000 and 100,000 units, respectively. Total sales are forecast to be about US$41 billion, with adjusted net income between $2.3 billion and $2.4 billion.
RELATED CONTENT
-
On Lincoln-Shinola, Euro EV Sales, Engineered Carbon, and more
On a Lincoln-Shinola concept, Euro EV sales, engineered carbon for fuel cells, a thermal sensor for ADAS, battery analytics, and measuring vehicle performance in use with big data
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.