- Magna International (NYSE:NYSE:MGA) reports sales rose 16% in Q2
- North American light vehicle production increased 2% to 4.598M units.
- European light vehicle production rose 6% to 5.812M units.
- Segment sales: North America: $5.317B (+7%); Europe: $3.512B (+36%); Asia: $624M (+20.5%); ROW: $88M (-50%).
- Production sales: North America: $4.902B (+7%); Europe: $2.486B (+36%); Asia: $624M (+20.5%); ROW: $88M (-50%).
- Complete vehicle assembly sales expanded 7% to $652M, while volume declined 9% to 26,715 units.
- Tooling, Engineering and Other Sales up 33% to $797M.
- Gross margin rate improved 40 bps to 14.8%.
- SG&A expense rate +10 bps to 4.3%.
- Adjusted EBIT advanced 17% to $789M.
- FY2016 Guidance: Light vehicle production (units): North America 18M and Europe 21.4M; Total sales: $35.5B to $37.2B; Complete vehicle assembly sales: $2B to $2.3B; Adjusted EBIT: ~8%; Interest expense, net: ~$90M; Tax rate: 26% to 26%; Capex: $1.8B to $2B.
- FY2016 Production sales: North America: $19.4B to $20B; Europe: $8.8B to $9.2B; Asia: $2.1B to $2.3B; ROW: $0.3B to $0.4B; Total production sales: $30.6B to $31.9B.
- MGA +3.19% premarket.