CANADA: Magna International returns to profit
Magna builds the Mini Countryman under contract
Magna International has turned back to second quarter and first half profits after announcing operating and net losses a year ago. Sales rose 63% to $6.1bn.
North American and European average dollar content per vehicle increased by 27% and 8%, respectively during the quarter as vehicle production increased 75% and 13% year on year.
Complete vehicle assembly sales increased 39% to US$590m while volume increased 59% to 22,400 units.
Second quarter operating income was $373m, net income was $293m and earnings per share were $2.59, increases of $610m, $498m and $4.42, respectively.
Half year sales rose 59% to $11.6bn and domplete vehicle assembly sales increased 26% to $1bn with volume up 55% to 40,400.
Operating income was $658m, net income was $516m and earnings per share were $4.56, increases of $1.1bn, $921m and $8.18, respectively.
Magna is expecting full year sales to be between $22bn and $23bn, based on full year 2010 light vehicle production volumes of approximately 11.5m units in North America and approximately 12m units in Europe.