Magna International boosted operating income $US257m to $1.152bn, excluding unusual items, during the full year ended 31 December 2007. Net income rose to $663m, an increase of $202m.
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Sales rose 8% to $26.1bn as a result of increases in components production offset partly by reductions in complete vehicle assembly sales and tooling and engineering revenue.
During the year, North American and European average dollar content per vehicle increased 11% and 20% respectively, over 2006. North American vehicle production declined 2% while European vehicle production increased 3%, each compared to 2006.
Complete vehicle assembly sales decreased 8% year on year to $4.0bn while complete vehicle assembly volume decreased 19% to around 200,000 units.
Sales rose 7% to $6.8bn in the fourth quarter ended 31 December.
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By GlobalDataOperating income, excluding unusual items, was up $102m year on year to $203m, and net income rose $63m to $28m.
Outlook
For full year 2008, Magna expects consolidated sales between $24.9bn and $26.2bn, based on full year 2008 light vehicle production volumes of approximately 14.4m units in North America and approximately 15.6m units in Europe.
Full year 2008 average dollar content per vehicle is expected to be between $845 and $875 in North America and between $450 and $475 in Europe.
Full year complete vehicle assembly sales are seen in the range $3.6bn to $3.9bn.
