Magna International has posted net income for the first quarter of 2005 of $US172 million, compared to $179 million a year ago.
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Operating income was $254 million compared with $321 million.
Sales increased 12% to $5.7 billion, reflecting increases of 19% in North American average dollar content per vehicle and 16% in Europe.
During the first quarter of 2005, North American vehicle production declined approximately 4% and European vehicle production declined about 5%.
Magna expects results for the rest of 2005 to continue to be impacted by the negative conditions in the automotive industry, including production cutbacks, OEM price concessions, higher commodity costs and general economic uncertainty.
Results will also be affected by certain unusual items, including restructuring charges arising from previously announced privatizations, and rationalisation and other charges associated with certain operations, including those that supply MG Rover.
