Sales at Magna International increased 34% to $US4.8 billion for the third quarter ended September 30, 2004.
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The rise reflects increases of 16% in North American average dollar content per vehicle and 69% in European average dollar content per vehicle over the comparable quarter in 2003.
Net operating income increased 12% to $137 million during the quarter. Net income was also $137 million, the company said in a statement, without providing a year-on-year comparison.
Magna reported sales of $15.0 billion for the nine months ended September 30 , 2004, an increase of 40% year on year.
Magna said North American vehicle production was essentially unchanged and European vehicle production increased approximately 2%.
Net operating income for the first nine months of 2004 was $514 million, a year on year increase of 15% or $66 million. Net income was also $514 million.
Magna president Mark Hogan said: “We posted solid third quarter results, despite a challenging industry environment. While our earnings have benefited from recent successful launches, we continue to make substantial investments for future vehicle programs that should drive sales and earnings in future years.”
The company has assumed 2004 vehicle production volumes will be approximately 15.9 million units in North America and approximately 16.2 million in Europe.
It expects full year sales of between $20.3 billion and $20.6 billion, compared to 2003’s $15.3 billion.
