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Magna’s Sales Surge 16% to Record High
Magna International Inc.’s sales jumped to a record US$8.8 billion from $7.7 billion in July-September 2015.
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Magna International Inc.’s sales jumped to a record US$8.8 billion from $7.7 billion in July-September 2015. Net income from continuing operations rose 7% to US$503 million.
The Canadian supplier says its sales in North American climbed 13% to $4.8 billion. Revenue in Europe surged 29% year-on-year to $2.2 billion, reflecting its acquisition in January of German transmission supplier Getrag. Sales in Asia zoomed 58% to $548 million.
The company expects light-vehicle output in North America will total about 17.8 million units, down 200,000 from its prediction earlier this year. Magna hiked its forecast for production in Europe by 100,000 units to 2.15 million vehicles. The company also expects continued growth in China.
Magna estimates its annual sales this year will be between $35.8 billion and $37 billion compared with $32.1 billion in 2015.
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