- Magna International (NYSE:MGA) reports sales rose 6% if the impact of the currency swings is backed out in Q4.
- North American light vehicle production grew 4% to 4.546M units.
- European light vehicle production advanced 7% to 5.538M units.
- Segment sales: North America: $5.090B (+4.5%); Europe: $2.889B (-13.7%); Asia: $624M (+20.5%); ROW: $88M (-50%).
- Production sales: North America: $4.670B (+5%); Europe: $1.832B (-12%); Asia: $473M (+10%); ROW: $87M (-49%).
- Complete vehicle assembly sales declined 15% to $628M and volumes fell 24% to 25,042 units.
- Gross margin rate squeezed 40 bps to 14.4%.
- SG&A expense rate flat Y/Y at 4.8%.
- Adjusted EBIT dropped 40% to $656M.
- FY2016 Guidance: Light vehicle production (units): North America 18M and Europe 21M; Total sales: $34.6B to $36.3B; Complete vehicle assembly sales: $1.7B to $2B; Adjusted EBIT: High 7% range; Interest expense, net: ~$80M; Tax rate: 25% to 26%; Capex: $1.8B to $2B.
- FY2016 Production sales: North America: $19.2B to $19.8B; Europe: $8.6B to $9B; Asia: $2.1B to $2.3B; ROW: $0.4B to $0.5B; Total production sales: $30.3B to $31.6B.