Magna booked sales of US$8.8bn for the third quarter ended 30 September, 2016, an increase of 16% over the third quarter of 2015. This was achieved despite North American light vehicle production increasing only 1% and European light vehicle production declining 2%, compared to the third quarter of 2015, the supplier said.
Complete vehicle assembly sales fell 4% year on year while complete vehicle assembly volume decreased 19% to around 19,000 units as Magna Steyr neared the end of production of the Mini Countryman and Paceman.
Q3 income from continuing operations before income taxes was $692m and net income from continuing operations was $503m, increases of 2% and 7% respectively. Earnings per share from continuing operations increased $0.16 or 14%.
Nine-month sales of $27.2bn for the nine months to 30 September 2016 were up 15% year on year. North American and European light vehicle production increased 4% and 5%, respectively.
Complete vehicle assembly sales increased 1% but assembly volumes decreased 14% to approximately 68,000 units.
Income from continuing operations before income taxes was $2.1bn and net income from continuing operations was $1.6bn, increases of $107m and $90m, respectively. Earnings per share increased $0.39 or 11%.