Magna has unveiled 2016 income from continuing operations before income taxes of US$2.78bn and net income from continuing operations attributable to Magna International of US$2.03bn, increases of US$129m and US$85m respectively.

The supplier posted record sales up 13% to US$36.45bn, with North American and European light vehicle production increasing 2%. Complete vehicle assembly volumes decreased 28%, largely reflecting the end of production of the Mini Countryman and Paceman in the fourth quarter of 2016.

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Magna also recorded fourth-quarter sales of US$9.25bn as of 31 December, 2016, an increase of 8%.

The growth was achieved despite both North American and European light vehicle production decreasing 4% compared to the fourth quarter of 2015. Complete vehicle assembly volumes decreased 70%, largely reflecting the end of production of the Mini Countryman and Paceman in the fourth quarter of 2016.

During the quarter, income from continuing operations before income taxes was US$646m, an increase of 4% compared to the fourth quarter of 2015.

Net income from continuing operations attributable to Magna International was US$478m, a decrease of 1% compared to the fourth quarter of 2015.

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“2016 was another great year for Magna, with sales growth well above the market, record earnings and strong operating cash flow,” said Magna CEO, Don Walker. “We expect 2017 to be a strong year for Magna as well.

“We also completed the acquisition of Getrag early last year, and began its integration into Magna.

“Looking forward, as the industry undergoes significant changes over the next number of years, we believe our capabilities, innovations and deep vehicle knowledge will be instrumental in enabling the ‘Car of the Future.’

” This should drive significant shareholder value.”