Magna booked sales of US$8.8bn for the third quarter ended 30 September, 2016, an increase of 16% over the third quarter of 2015. This was achieved despite North American light vehicle production increasing only 1% and European light vehicle production declining 2%, compared to the third quarter of 2015, the supplier said.
Complete vehicle assembly sales fell 4% year on year while complete vehicle assembly volume decreased 19% to around 19,000 units as Magna Steyr neared the end of production of the Mini Countryman and Paceman.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Q3 income from continuing operations before income taxes was $692m and net income from continuing operations was $503m, increases of 2% and 7% respectively. Earnings per share from continuing operations increased $0.16 or 14%.
Nine-month sales of $27.2bn for the nine months to 30 September 2016 were up 15% year on year. North American and European light vehicle production increased 4% and 5%, respectively.
Complete vehicle assembly sales increased 1% but assembly volumes decreased 14% to approximately 68,000 units.
Income from continuing operations before income taxes was $2.1bn and net income from continuing operations was $1.6bn, increases of $107m and $90m, respectively. Earnings per share increased $0.39 or 11%.
