Supplier and contract vehicle assembler Magna International boosted first quarter 2011 operating income to US$400m (up $122m year on year), net income to $322 million (+$98m) and earnings per share to $1.30 (+$0.31) on sales up 34% to $7.2bn.
“We achieved this sales increase in a period when vehicle production increased 17% in North America and 10% in Western Europe,” Magna said in a statement.
Go deeper with GlobalData
Complete vehicle assembly sales increased 51% to $674m and complete vehicle assembly volume rose 85% to about 33,000 units.
Magna adopted US GAAP accounting principles on 1 Janauary and has revised its 2011 forecast upwards from a February projection to reflect this.It now expects total North America vehicle volume of 13.2m (up from 12.9m) and 13.6m (13.3m) in western Europe with total sales of $22.4-$23.4bn ($20.9-$21.9bn) with operating margin remaining in the low to mid 5% range.
