Magna posts higher income and record sales in Q4
Sales increase came as light vehicle production rose 7% in Europe and 5% in North America.
AURORA, Ont. — Magna International Inc. says it logged net income of $556 million and adjusted diluted earnings per share of $1.57 in the fourth quarter of 2017.
That compared to net income of $478 million and $1.31 per share in same quarter of 2016.
The Aurora, Ont.,-based company says it posted record sales of $10.39 billion in the quarter, an increase of 12% over the year-before quarter.
The sales increase came as light vehicle production rose 7% in Europe and five per cent in North American during the quarter.
Magna says its complete vehicle assembly sales increased 129% in the fourth quarter, largely reflecting launches of the BMW 5-Series and Jaguar E-Pace at its assembly facility in Graz, Austria.
Income from operations before income taxes in the quarter was $761 million.News from © Canadian Press Enterprises Inc. 2016