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August 7, 2015

CANADA: Magna records Q2 sales down 9% to US8.1bn

Magna has posted second quarter sales down 9% to US$8.1bn with a weakening of certain currencies against the US dollar reporting currency, in particular the euro and Canadian dollar, having a significant negative impact.

Magna has posted second quarter sales down 9% to US$8.1bn with a weakening of certain currencies against the US dollar reporting currency, in particular the euro and Canadian dollar, having a significant negative impact.

Foreign currency translation reduced sales by around US$890m compared to the second quarter of 2014. 

Excluding the impact of foreign currency translation, sales increased 1% in the second quarter.

North American light vehicle production increased 3% to 4.6m units and European light vehicle production increased marginally to 5.4m units in the second quarter.

Magna complete vehicle assembly sales decreased 8%, while complete vehicle assembly volumes fell 17% to around 28,500 units.

During the second quarter of 2015, income from continuing operations before income taxes was US$726m, while net income from continuing operations was US$538m.

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