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Magna International Q2 Loss at $205 Million

Would be purchaser of Opel hit hard by declines at automakers.

by on Aug.07, 2009

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Total sales are off 45%.

Magna International Inc. (TSX: MG.A; NYSE: MGA) today reported that it lost U.S. $205 million in the second quarter and $467 million in the first half of 2009 as sales to major automaker clients plummeted.

The Canadian-based conglomerate, with 71,000 employees in 247 manufacturing operations and 86 product development and engineering centers in 25 countries, is an excellent barometer of the auto industry.

During the second quarter of 2009, vehicle production declined 49% to 1.8 million units in North America and 28% to 3.1 million units in Europe, each compared to the second quarter of 2008.

Also during the second quarter of 2009, Magna’s North American and European average dollar content per vehicle decreased 10% and 7% respectively, each compared to the second quarter of 2008.

Complete vehicle assembly sales by Magna decreased 60% to $423 million for the second quarter of 2009 compared to $1.1 billion for the second quarter of 2008, while complete vehicle assembly volumes declined 65% to approximately 14,100 units.

As a result of the “significant declines in vehicle production in North America and Europe, lower average dollar content per vehicle in these two markets, and decreases in assembly sales and tooling, engineering and other sales,” Magna’s total sales decreased 45% to $3.7 billion for the second quarter of 2009 as compared to $6.7 billion for the second quarter of 2008. 

Magna International Q2 2009

 

Three Months Ended June 30,

Six Months Ended June 30,

2009 2008 2009 2008
Sales $3,705 $6,713 $7,279 $13,335
Operating (loss) income  $(237) $319 $(467) $605
Net (loss) income $(205) $227 $(405) $434
Diluted (loss) earnings per share $(1.83) $1.98 $(3.62) $3.75
All results are reported in millions of U.S. dollars, except per share

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