Magna builds the Mini Countryman under contract

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.