Magna’s Q3 2016 sales up 16% from Q3 2015
Canadian Plastics
Automotive Canadian PlasticsMagna’s Q3 2016 results bring the company’s sales for the nine months ended September 30 to $27.2 billion, an increase of 15% from the nine months ended September 30, 2015.
Automotive parts supplier Magna International Inc. posted sales of $8.8 billion for the third quarter of 2016, an increase of 16 per cent over the third quarter of 2015.
“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,” Aurora, Ont.-based Magna said in a Nov. 3 statement.
Magna’s complete vehicle assembly sales decreased 4% in the 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. Magna attributed the decreases to the fact that it was nearing end of production of the MINI Countryman and Paceman.
Magna’s Q3 2016 results bring the company’s sales for the nine months ended September 30 to $27.2 billion, an increase of 15% from the nine months ended September 30, 2015. “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,” the company said. “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’s complete vehicle assembly sales increased 1% in the first nine months of 2016, compared to the first nine months of 2015. “Complete vehicle assembly volumes decreased 14% to approximately 68,000 units,” Magna said. “The volume decrease largely reflects that we were nearing end of production of the MINI Countryman and Paceman.”
Total investment activities for the first nine months of 2016 were $3.3 billion, Magna added, including $1.8 billion to purchase subsidiaries, $1.1 billion in fixed asset additions, and $323 million in investments and other assets.
Magna has 312 manufacturing operations, and 98 product development, engineering, and sales centres in 29 countries. The company employs approximately 55,000 workers worldwide.
