Magna has posted third quarter sales of US$8.34bn an increase of 13% compared to the same quarter of 2012.

Vehicle production increased 4% in North America and 1% in Europe, both relative to the third quarter of 2012.

In the third quarter of 2013, North American, European and Rest of World production sales, as well as complete vehicle assembly sales and tooling, engineering and other sales increased, in each case relative to the comparable quarter in 2012.

Complete vehicle assembly sales increased 10% to US$680m for the third quarter of 2013 compared to US$620m for the third quarter of 2012, while complete vehicle assembly volumes increased 16% to around 34,000 units.

During the third quarter of 2013, income from operations before income taxes was US$391m, net income attributable to Magna International was US$319m.

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AURORA, ON, Nov. 6, 2013 /PRNewswire/ - Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the third quarter ended September 30, 2013.



THREE MONTHS ENDED 
SEPTEMBER 30,

NINE MONTHS ENDED 
SEPTEMBER 30,

  2013  
2012  
2013  
2012
Sales $ 8,338   $ 7,411   $ 25,661   $ 22,804
Adjusted EBIT(1) $ 444   $
352   $ 1,458   $ 1,271
Income from operations before income taxes $ 391   $ 500   $ 1,391   $ 1,409
Net income attributable to Magna International Inc. $ 319   $
390   $
1,103   $
1,082
Diluted earnings per share $
1.39   $ 1.66   $ 4.74   $ 4.60
All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars.
 
(1)  Adjusted EBIT is the measure of segment profit or loss as reported in the Company's attached unaudited interim consolidated financial statements.
Adjusted EBIT represents income from operations before income taxes; interest expense, net; and other expense (income), net.

 

THREE MONTHS ENDED SEPTEMBER 30, 2013

We posted sales of $8.34 billion for the third quarter ended September 30, 2013, an increase of 13% from the third quarter of 2012. We achieved this sales increase in a period when vehicle production increased 4% in North America and 1% in Europe, both relative to the third quarter of 2012. In the third quarter of 2013, our North American, European and Rest of World production sales, as well as complete vehicle assembly sales and tooling, engineering and other sales increased, in each case relative to the comparable quarter in 2012.

Complete vehicle assembly sales increased 10% to $680 million for the third quarter of 2013 compared to $620 million for the third quarter of 2012, while complete vehicle assembly volumes increased 16% to approximately 34,000 units.

During the third quarter of 2013, income from operations before income taxes was $391 million, net income attributable to Magna International Inc. was $319 million and diluted earnings per share were $1.39, decreases of $109 million, $71 million and $0.27respectively, each compared to the third quarter of 2012.

During the third quarter of 2013, we recorded restructuring charges which negatively impacted income from operations before income taxes by $48 million, net income attributable to Magna International Inc. by $33 million and diluted earnings per share by$0.14.

During the third quarter of 2012, we recorded a re-measurement gain on the acquisition of the controlling 27% interest in Magna E-Car Systems Partnership ("E-Car").  This positively impacted income from operations before income taxes by $153 million, net income attributable to Magna International Inc. by $125 million and diluted earnings per share by $0.53.

During the third quarter ended September 30, 2013, we generated cash from operations of $574 million before changes in non-cash operating assets and liabilities, and invested $110 million in non-cash operating assets and liabilities. Total investment activities for the third quarter of 2013 were $347 million, including $280 million in fixed asset additions and a $67 million increase in investments and other assets.

NINE MONTHS ENDED SEPTEMBER 30, 2013

We posted sales of $25.66 billion for the nine months ended September 30, 2013, an increase of 13% from the nine months ended September 30, 2012. This higher sales level reflected increases in our North American, European and Rest of World production sales, as well as complete vehicle assembly sales and tooling, engineering and other sales, in each case relative to the first nine months of 2012.

During the nine months ended September 30, 2013, vehicle production increased 4% to 12.09 million units in North America and decreased 2% to 14.38 million units in Europe, each compared to the first nine months of 2012.

Complete vehicle assembly sales increased 22% to $2.27 billion for the nine months ended September 30, 2013 compared to$1.86 billion for the nine months ended September 30, 2012, while complete vehicle assembly volumes increased 19% to approximately 110,000 units.

During the nine months ended September 30, 2013, income from operations before income taxes was $1.39 billion, net income attributable to Magna International Inc. was $1.10 billion and diluted earnings per share were $4.74, a decrease of $18 million, and increases of $21 million and $0.14, respectively, each compared to the first nine months of 2012.

During the nine months ended September 30, 2013, we recorded restructuring charges which negatively impacted income from operations before taxes by $54 million, net income attributable to Magna International Inc. by $39 million and diluted earnings per share by $0.17.

During the nine months ended September 30, 2012, we recorded a re-measurement gain on the acquisition of the controlling 27% interest in E-Car.  This positively impacted income from operations before income taxes by $153 million, net income attributable toMagna International Inc. by $125 million and diluted EPS by $0.53.

During the nine months ended September 30, 2013, we generated cash from operations before changes in non-cash operating assets and liabilities of $1.90 billion, and invested $578 million in non-cash operating assets and liabilities. Total investment activities for the first nine months of 2013 were $874 million, including $706 million in fixed asset additions and a $168 millionincrease in investments and other assets.

Don Walker, Magna's Chief Executive Officer commented:  "I am pleased with our strong results for the quarter, which were higher than the third quarter of 2012, excluding unusual items.  On a year to date basis, all of our reporting segments have generated improved operating results year over year.  In our Europe segment, we have reported seven consecutive quarters of year over year improvements in Adjusted EBIT.  We believe our strong share price performance reflects, among other things, our continued increases in operating results." 

Original source: http://www.magna.com/media/press-releases-news/news-page/2013/11/06/press-release---magna-announces-third-quarter-and-year-to-date-results

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