Magna International posted third quarter record sales up 7% year on year to US$9.5bn for the quarter ended 30 September, 2017.

During the period, European light vehicle production increased 8% and North American light vehicle production decreased 7%.

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Complete vehicle assembly sales increased 55% due to the launch of the BMW 5-Series at the assembly factory in Graz, Austria, following the end of production of the Mini Countryman and Paceman in 2016.

Q3 income from operations before income taxes was $670m, compared to $692m in Q3 2016. Net income was flat at $503m.

Adjusted EBIT decreased 3% to $692m.

Sales in the first nine months of 2017 rose 5% to $28.56bn as North American light vehicle production decreased 3% and European light vehicle production increased 3%.

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Income from operations before income taxes was $2.24bn, net income $1.65bn and earnings per share $4.37, increases of $104m, $97m and $0.45, compared to the first nine months of 2016.

Adjusted EBIT increased 4% to $2.3bn.

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