Magna reports record third quarter and year to date results

Automotive parts supplier Magna International Inc. reported record third quarter and year to date results in November.

The Aurora, Ont.-based company’s Q3 2016 sales were up by 16%, well above 3% growth in global light vehicle production. “We posted sales of $8.8 billion for the third quarter ended September 30, 2016, an increase of 16% over the third quarter of 2015,” the firm said. “This strong year over year growth was achieved despite North American light vehicle production increasing only 1% and European light vehicle production declining 2%, compared to the third quarter of 2015.”

Magna’s complete vehicle assembly sales decreased 4% in Q3 2016, compared to the third quarter of 2015, while its complete vehicle assembly volumes decreased 19% from the comparable quarter to approximately 19,000 units. “The decreases largely reflect that we were nearing end of production of the MINI Countryman and Paceman,” Magna said.

“We posted sales of $27.2 billion for the nine months ended September 30, 2016, an increase of 15% from the nine months ended September 30, 2015,” Magna said. “Excluding the impact of foreign currency translation, our sales increased 17% in the first nine months of 2016, compared to the first nine months of 2015. In comparison, North American and European light vehicle production increased 4% and 5%, respectively, in the first nine months of 2016 compared to the first nine months of 2015.”

Magna has 312 manufacturing operations and 98 product development, engineering and sales centres in 29 countries. The company employs over 155,000 workers worldwide.