Magna International said it booked record second quarter sales up 3% year on year to US$9.68bn to 30 June, 2017 despite North American and European light vehicle production declining by 3% and 1%, respectively.

Complete vehicle assembly sales increased 14% following the start of BMW 5-series production in Graz, Austria, partially offset by the end of the Mini Countryman and Paceman in 2016.

Operating income fell 1% to $762m but net income was up 1% to a record $561m. 

Adjusted EBIT fell 2% to $776m but Asia and Rest of World segments posted higher adjusted EBIT and adjusted EBIT percentage of sales.

Sales rose 4% to $19.06bn in the first half after North American light vehicle production decreased 1% and European light vehicle production increased 1%.

Operating income was was $1.57bn, net income $1.15bn and earnings per share $3.01, increases of $126m, $97m and $0.38, respectively.

Adjusted EBIT increased 8% to $1.61bn.