Magna’s North American sales, which makes up bulk of its total sales, rose 14.2 per cent to US$2.50 billion in the third quarter, lifting up its total sales by 7.3 per cent to US$9.50 billion and the company raised its full-year sales forecast.
Magna’s North American sales, which makes up bulk of its total sales, rose 14.2 per cent to US$2.50 billion in the third quarter, lifting up its total sales by 7.3 per cent to US$9.50 billion and the company raised its full-year sales forecast.
Magna International ($MGA): Q3 EPS of $1.36 beats by $0.04.
Revenue of $9.5B (+7.3% YoY) beats by $260M.
Magna now expects 2017 total sales of US$38.3 billion to US$39.5 billion, compared with its previous forecast of US$37.7 billion to US$39.4 billion.
‘I’m pleased with our overall performance as we posted record third quarter results. Magna remains well-positioned to benefit from the shift toward electrification, autonomy, and vehicle light-weighting. In China, our recently announced joint-venture with HASCO was awarded a highly integrated e-drive system for a German OEM. At the Frankfurt Auto Show, we unveiled our MAX4 autonomous driving platform, which enables up to Level 4 autonomous driving capabilities. Our product breadth combined with complete vehicle design and engineering capabilities uniquely positions Magna to be a supplier of solutions.’
– Don Walker, Magna’s Chief Executive Officer
‘We continue to return capital to our shareholders while maintaining a strong balance sheet. With the expiration of our current Normal Course Issuer Bid (‘NCIB’), we have returned over $900 million through share repurchases and more than $300 million in dividends as of the end of the third quarter. Since 2012, we have returned approximately $6.7 billion to our shareholders, $5.1 billion through the repurchase of more than 20% of our outstanding shares and $1.6 billion in dividends. Our new NCIB provides flexibility to continue repurchasing up to 10% of our shares over the next year.’
– Vince Galifi, Magna’s Chief Financial Officer
Magna International Inc. is a Canadian global automotive supplier headquartered in Aurora, Ontario, Canada
Source: Magna International Inc