Magna has posted first quarter sales up 15% to US$8.9bn, with net income from continuing operations attributable to Magna International, increasing 8% to US$492m..
Complete vehicle assembly sales decreased 1% in the first quarter of 2016, while complete vehicle assembly volumes fell 15% from the comparable quarter to around 23,000 units.
During the first quarter, income from continuing operations before income taxes was US$675m and net income from continuing operations attributable to Magna International was $492m, increases of 9% and 8% respectively.
Commenting on the completion of the Getrag acquisition early this year, Magna CEO, Don Walker said: “We welcome all Getrag employees to the Magna family of companies.
“The combined capabilities of Magna Powertrain and Getrag better position us to capitalise on powertrain opportunities and future changes in the global automotive industry.”
Magna is a global automotive supplier with 306 manufacturing operations and 92 product development, engineering and sales centres in 29 countries.
Its product capabilities include making body, chassis, exterior, seating, powertrain, electronic, vision, closure and roof systems and modules, as well as complete vehicle engineering and contract manufacturing.