CANADA: Magna International boosts Q1 sales and profits
Magna International said on Friday sales of US$8.36bn for the first quarter ended 31 March, 2013, were up 9% year on year as vehicle production increased 1% in North America and fell 9% in Europe.
Magna International said on Friday sales of US$8.36bn for the first quarter ended 31 March, 2013, were up 9% year on year as vehicle production increased 1% in North America and fell 9% in Europe.
Complete vehicle assembly sales increased 33% to $798m on volume up 25% to 37,000 units. Magna Steyr’s contracts include BMW’s Mini Countryman and Paceman.
Income from operations before income taxes was $457m, net income was $369m and earnings per share were $1.57, increases of $18m, $26m and $0.11, respectively, year on year.
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