Magna posts all-time quarter record sales in Q2 2017
Canadian Plastics
Automotive Canadian Plastics“The year over year growth was achieved despite North American and European light vehicle production declining by 3% and 1%, respectively, both compared to the second quarter of 2016,” Aurora, Ont.-based Magna said in an Aug. 11 statement.
Automotive parts supplier Magna International Inc. posted all-time quarter record sales of $9.68 billion for the second quarter ended June 30, 2017, an increase of 3% over the second quarter of 2016.
“The year over year growth was achieved despite North American and European light vehicle production declining by 3% and 1%, respectively, both compared to the second quarter of 2016,” Aurora, Ont.-based Magna said in an Aug. 11 statement. “Our complete vehicle assembly sales increased 14% in the second quarter of 2017 largely reflecting the start of production of the BMW 5-Series at our assembly facility in Graz, Austria, partially offset by the end of production of the MINI Countryman and Paceman in 2016.”
During the second quarter of 2017, income from operations before income taxes was $762 million, a decrease of 1% compared to the second quarter of 2016, Magna continued. “We generated cash from operations of $948 million before changes in operating assets and liabilities, and invested $391 million in operating assets and liabilities,” the firm said. “Total investment activities for the second quarter of 2017 were $563 million, including $420 million in fixed asset additions and $143 million in investments, other assets and intangible assets.”
Magna also said it posted sales of $19.06 billion for the six months ended June 30, 2017, an increase of 4% from the six months ended June 30, 2016. “North American light vehicle production decreased 1% and European light vehicle production increased 1%, in the first six months of 2017 compared to the first six months of 2016,” the statement said.
“During the six months ended June 30, 2017, we generated cash from operations before changes in operating assets and liabilities of $1.82 billion, and invested $818 million in operating assets and liabilities,” Magna said. “Total investment activities for the first six months of 2017 were $955 million, including $729 million in fixed asset additions and $226 million in investments, other assets and intangible assets.”
