NEWS
02/22/2018 00:20 EST | Updated 02/22/2018 00:40 EST

Magna posts higher income and record sales in fourth quarter

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 per cent over the year-before quarter.

The sales increase came as light vehicle production rose seven per cent in Europe and five per cent in North American during the quarter.

Magna says its complete vehicle assembly sales increased 129 per cent 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.

 

Companies in this story: TSX:MG