Magna International $MGA Q3 record sales, up 7% to $9.50b

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.

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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

 

 

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