Magna International Inc.NYSE
Yesterday, 1:24 PM
- Magna International (MGA +1.3%) announces that it won multiple new seating programs from BMW.
- The company says it will supply the contract from a new seat manufacturing facility in Spartanburg County, South Carolina. The plant is expected to be operational in June 2017. The new seating facility will be Magna's fourth location in the state.
- "This is a new chapter in the ongoing collaboration between Magna and the BMW Group, as it's our first seating business award with this valued global customer," says Mike Bisson, president of Magna Seating.
- Source: Press Release
Tue, Nov. 22, 12:28 PM
Thu, Nov. 3, 5:36 AM
Wed, Nov. 2, 5:30 PM
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Fri, Sep. 16, 8:26 AM
- Magna International (NYSE:MGA) is on the radar of traders after Bloomberg reported yesterday that about a dozen of the company's engineers are working with Apple on its car project.
- SA contributor Mark Hibben suggested earlier this week that Magna was a natural fit as an Apple supplier in his article on the Cupertino giant.
- Of course it's still unclear what Apple's overarching car strategy is and which suppliers will see a windfall.
- Previously: Apple resets car strategy (Sept. 10)
Thu, Sep. 15, 6:12 PM
- Magna International (NYSE:MGA) climbed 1.6% in today's trade following news that it was chosen to build BMW’s new 5 Series sedan at its vehicle assembly plant in Graz, Austria.
- MGA expects its Graz facility to manufacture ~200K vehicles/year by 2018, and the plant also will start production for Jaguar Land Rover Ltd. in 2017 and recently had a contract extended to build the Mercedes-Benz G-Class.
- MGA has built vehicles for BMW since 2001, including the BMW X3, the Mini Countryman and the Mini Paceman; the new 5 Series will succeed the two Mini vehicles beginning next year.
Wed, Aug. 24, 11:35 AM
Fri, Aug. 5, 9:26 AM
- Magna International (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.
Fri, Aug. 5, 5:42 AM
Thu, Aug. 4, 5:30 PM
Mon, Jul. 25, 5:37 PM
Fri, Jul. 22, 5:37 PM
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Thu, Jun. 9, 5:36 PM
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Tue, May 31, 5:37 PM