Magna International, already in the news today after saying it was receiving a $US1.54bn investment from Russia and that it could buy a proposed Chrysler stake for cash, has reported record sales revenue for the first quarter of 2007.

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Operating profit slipped slightly year on year but net profit rose.


Increases in North American, European and rest of world production sales, and complete vehicle assembly sales, offset in part by a reduction in tooling, engineering and other sales helped the Canadian parts and vehicle development/assembly specialist post record sales of US6.4bn for the first quarter, an increase of 7% year on year.


North American and European average dollar content per vehicle increased 10% and 14%, respectively, as North American vehicle production declined 7% while European vehicle output increased 6%.


Complete vehicle assembly sales increased 6% to $1.10bn compared to $1.04bn, while volumes declined 5% to 60,769 units.

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Operating income was $305m for the first quarter of 2007, down on $309m a year ago. Net income was US$218m compared to US$212m for Q1 2006.


Earnings per share were $1.96 compared to US$1.91.


Total investment activities in the quarter were US$191m, including US$125m in fixed asset additions, US$46m to purchase subsidiaries, and a US$20m increase in other assets.


Magna will pay a quarterly dividend of $0.24 per share on 15 June.


Outlook


For full year 2007, Magna expects consolidated sales between $23.5bn and $24.8bn, based on full year 2007 light vehicle production volumes of approximately 15.3m units in North America and approximately 15.5m units in Europe.


Full year average dollar content per vehicle is expected to be between $785 and $815 in North America and between $390 and $415 in Europe.


Complete vehicle assembly sales are pegged between US$3.7bn and US$4.0bn.