Magna has posted first quarter sales of US$7.7bn – an increase of 7% from the same period of 2011 – but has also unveiled complete assembly sales down 11% to almost US$600m.
The supplier says its results were achieved against a backdrop when vehicle production increased 17% in North America and decreased 7% in Western Europe, each relative to the first quarter of 2011.
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North American, European and Rest of World production sales all increased in the first quarter of 2012 relative to the comparable quarter in 2011.
Complete vehicle assembly sales decreased 11% to US$599m for the first quarter of 2012 compared to US$674m for the first quarter of 2011, while complete vehicle assembly volumes fell 10% to around 30,000 units.
During the first quarter of 2012, income from operations before income taxes was US$439m, while net income attributable to Magna International was US$343m.
Magna is predicting light vehicle production of 14.4m units for North America and 12.7m vehicles for Western Europe.
It is also estimating total sales for 2012 of between US$29bn and US$30.bn.
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