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Jaguar prolongation helps Magna to record Q1 net income



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Greg Layson Twitter

Automotive News Europe

May 10, 2018 16:58 CET

Magna International posted record net income of $660 million in a initial quarter, adult 14 percent from a year ago.

The retailer also reported record quarterly sales of $10.79 billion, adult 21 percent year-over-year, due in vast partial to a company’s agreement public business.

Magna available higher direct for a mirrors and electronic components. The supplier’s energy and prophesy multiplication posted practiced gain of $358 million, adult $30 million over a same entertain final year. It was a biggest practiced gain boost of all of a 4 divisions.

While Magna reported sales expansion in any of a handling segments, a company’s “complete automobile segment” contributed to approximately 60 percent of a sales increase. Sales in that segment, that sees Magna arrange cars underneath agreement for automaker during Magna Steyr, Austria, rose some-more than threefold to $1.66 billion.

Jaguar output

Magna has been building a Mercedes G category given 1979. It also produces BMW 5-series models with required and plug-in hybrid powertrains. Assembly of a Jaguar E-Pace started in late 2017, and prolongation of a I-Pace was combined during a initial entertain of 2018.

In March, Automotive News Europe reported that Magna also will build dual new sports cars jointly grown by BMW and Toyota. Magna declined to comment.

The association was means to post record numbers notwithstanding a 4.4 percent decrease in light-vehicle prolongation in North America and radically unvaried prolongation numbers in Europe when compared with a initial entertain of 2017. Light-vehicle prolongation in China was adult 1 percent.

The association also pronounced a strengthening of unfamiliar currencies opposite a U.S. dollar, including a euro, Canadian dollar and Chinese renminbi, helped a retailer make financial gains though that those were partially equivalent by a impact of changes in prolongation volumes on other programs, quite in North America and Europe.

“Our handling formula are essentially contingent on a levels of North American and European automobile and light lorry production,” Magna pronounced in a statement.

Sales were adult in Magna’s physique and structures ($4.61 billion), seating systems ($1.47 billion) and energy and prophesy ($3.19 billion) divisions. In December, Magna realigned a groups and combined 4 tellurian product segments. This was a initial time a association reported quarterly sales and gain for any unit.

You can strech Greg Layson during glayson@autonews.com.


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