CANADA: Magna ups Q1 sales 7% to $7.7bn, books assembly fall of 11%
Magna has posted first quarter sales of US$7.7bn - an increase of 7% from the same period of 2011 - but has also unveiled complete assembly sales down 11% to almost US$600m.
The supplier says its results were achieved against a backdrop when vehicle production increased 17% in North America and decreased 7% in Western Europe, each relative to the first quarter of 2011.
North American, European and Rest of World production sales all increased in the first quarter of 2012 relative to the comparable quarter in 2011.
Complete vehicle assembly sales decreased 11% to US$599m for the first quarter of 2012 compared to US$674m for the first quarter of 2011, while complete vehicle assembly volumes fell 10% to around 30,000 units.
During the first quarter of 2012, income from operations before income taxes was US$439m, while net income attributable to Magna International was US$343m.
Magna is predicting light vehicle production of 14.4m units for North America and 12.7m vehicles for Western Europe.
It is also estimating total sales for 2012 of between US$29bn and US$30.bn.
For the full press release, please click here.
As it announced third quarter results, Magna International said founder and honorary chairman Frank Stronach would be leaving the board immediately....
Magna International unit Magna Exteriors and Interiors (MEI) has officially opened its new operation in the Ford plant at Craiova, Romania....
Infiniti has ended a feasibility study of third party manufacturing (by Magna Steyr) of a "a new compact premium vehicle" and said it was "moving ahead with plans" for a scheduled launch in 2015 of a ...
- THE WEEK THAT WAS: Chinese scoop up Pirelli
- Briefing: developments in powertrain batteries
- ANALYSIS: VW Group - success and succession
- VEHICLE ANALYSIS: A new Volkswagen for the fleets
- COMMENT: Russia - it is rocket science
- Volvo Cars to build US factory
- GM management outlines reasons for Russia rethink
- Mahindra throws in the Brazil towel
- New York show debuts: Porsche Boxster Spyder added
- Tesla to unveil 'major new non-car product line'