Global parts maker and contract vehicle assembler Magna International has reported fourth quarter operating income of US$291m, up $67m from Q4 2010.
Net income was up $93m to $312m and earnings per share $1.32, up $0.43 on sales up 13% to $7.3bn. The supplier said the increase was due to a rise in sales both of components and assembled vehicle units.
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Fourth quarter vehicle production increased 15% in North America and declined 4% in western Europe. Complete vehicle assembly sales increased 3% to $625m from $608m and assembly volumes rose 19% to around 30,000 units.
Full year 2011 sales rose 23% to $28.7bn and vehicle production increased 10% to 13.1m units in North America and 3% to 13.7m units in western Europe.
Magna’s complete vehicle assembly sales – contracts include BMW’s Mini Countryman – increased 24% to $2.7bn for the year ended 31 December, 2011 compared to $2.2bn in 2010. Volume rose 51% to around 130,000 units.
Full year operating income was $1.2bn, up $20m, net income was $1bn (a $15m rise) and earnings per share fell 10 cents to $4.20.
CEO Don Walker said: “Overall, we are pleased with our strong results for 2011. Improving our operating results in Europe remains a key focus point for us in 2012. We also currently have many new facilities planned or under construction around the world. Ensuring that these new facilities launch successfully is another key area of focus for us this year.”
Magna is forecasting full year 2012 vehicle production in North America at 13.8m units with 13m in western Europe.
Its production sales forecast is: North America, $13.4bn – $13.9bn; Europe, $8.4bn – $8.7bn; and $2.0bn – $2.3bn elsewhere, a total of $23.8bn-$24.9bn. Complete vehicle assembly sales are forecast at $2.3bn – $2.6bn.
