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.
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