Interior and closure systems supplier Intier Automotive on Wednesday reported diluted earnings per share for the first quarter ended March 31, 2003 increased 8% to $0.27 as compared to $0.25 for the first quarter ended March 31, 2002.
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Net income increased to $13.8 million from $13.0 million.
Sales increased $152.7 million, or 17% to $1,031.6 million compared to $878.9 million for Q1 2002. Approximately $70 million, or nearly half, of this increase is due to the positive impact of foreign exchange translation related to the strengthening Canadian dollar, euro and British pound.
North American production sales grew to $575.6 million in Q1 2003 compared to $521.3 million as a result of the positive impact of higher production volumes, higher North American average dollar content per vehicle and the strengthening of the Canadian dollar relative to the US dollar. North American light vehicle production volumes increased approximately 2% to 4.2 million units for Q1 2003 as compared to 4.1 million units. North American average dollar content per vehicle increased to $139 compared to $128. New products that contributed to this increase included the company’s complete seats for the Chrysler Pacifica launched during the first quarter of 2003, as well as new products launched in the second half of 2002 such as the complete seats and overhead system for the Saturn Ion.
Western European production sales increased to $372.6 million compared to $275.3 million as a result of growth in the Western European average dollar content per vehicle and the positive impact related to the strengthening of euro and British pound relative to the US dollar. Western European vehicle production volumes remained relatively flat at approximately 4.3 million units for the Q1 in both 2003 and 2002. Western European average dollar content per vehicle increased to $87 compared to $64. New product launches that contributed to this increase included the instrument panel, console and door panels for the new Jaguar XJ series, door panels for the Toyota Avensis and cockpit module for the Nissan Micra.
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By GlobalDataConsolidated tooling and engineering sales for the first quarter increased by 1% to $83.4 from $82.3 million.
Operating income increased to $30.1 million compared to $28.5 million. The increase in operating income was attributable to higher gross margin related to higher production sales partially offset by customer price reductions, start-up costs associated with a number of new product launches, the adverse impact of the strengthening euro at certain under-performing operations, higher selling, general and administrative costs associated with the increase in sales and higher affiliation and social fees.
Intier continued to generate significant free cash. During the first quarter of fiscal 2003, cash generated from operations before changes in working capital was $46.2 million. An additional $46.6 million of cash was generated from working capital resulting in total cash from operating activities of $92.8 million. Investment activities during the first quarter of 2003 were $26.9 million resulting in free cash before financing activities of $65.9 million for the quarter.
For the full year, North American light vehicle production volumes are expected to decrease to approximately 15.8 million units from 16.3 million units in 2002. Western Europe production volumes are expected to decline slightly to approximately 16.1 million units compared to 16.3 million units in 2002. Full year average dollar content per vehicle is expected to be between 17% and 20% above the average dollar content per vehicle for 2002 for both North America and Europe. In North America, average dollar content per vehicle is expected to be below this range in the second quarter of 2003 and above this range in the fourth quarter of 2003. Based on these production volume estimates, product mix and foreign exchange rate assumptions and tooling and engineering sales estimates, 2003 total sales are expected to be between $4.35 billion and $4.45 billion.
