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November 5, 2015

CANADA: Magna records Q3 sales down 7% to US$7.7bn

Magna has posted sales down 7%to  US$7.7bn for the third quarter ended 30 September.

Magna has posted sales down 7%to  US$7.7bn for the third quarter ended 30 September.

The supplier is citing the weakening of certain currencies against the US dollar reporting currency, in particular the euro and Canadian dollar, as having a significant negative impact on reported sales for the third quarter.

Foreign currency translation reduced sales by around US$870m, although excluding the impact of foreign currency translation, sales increased 3% in the third quarter.

North American light vehicle production increased 4% to 4.3m units and European light vehicle production increased 4% to 4.7 million units in the third quarter.

Magna complete vehicle assembly sales decreased 18%, while complete vehicle assembly volumes decreased 28% to around 23,000 units.

Revenue from continuing operations before income taxes was US$680m, an increase of US$69m.

Net income from continuing operations attributable to Magna International was US$470m.

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