Magna International first quarter 2017 operating income rose 19% year on year to US$806m with net income of $586m also up 19%. Earnings per share increased 25% to $1.53 including the favourable impact of a reduced share count.
Adjusted EBIT also rose by 19%, to $831m, compared to $698m in 2016.
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North America, Europe, Asia and rest of world segments all posted higher adjusted EBIT and adjusted EBIT percentage of sales, versus Q1 2016.
Sales rose 5% to $9.37bn.
Magna said the strong year over year growth was achieved despite North American light vehicle production declining by 1% and European light vehicle production increasing only 2%.
Complete vehicle assembly sales (by Austrian unit Magna Steyr) decreased 31% due to the end of production for BMW of the previous generation Mini Countryman and Paceman in 2016, offset by the start of production of the 5-Series.
We delivered another very strong quarter, with continued production sales growth above vehicle production, all segments posting higher margins, and all-time record earnings per share.
"We delivered another very strong quarter, with continued production sales growth above vehicle production, all segments posting higher margins, and all-time record earnings per share. Overall, the first quarter was a great start to the year for the company and our shareholders," said Magna CEO Don Walker.
During the quarter, Magna repurchased 2.3m shares for $100m and paid dividends of $105m.
