Magna Said Earning Increased In 2001.(Brief Article)(Statistical Data Included)

Magna said its sales for the nine months ended September 30, 2001 were $8.2 billion, an increase of 5 percent over the nine months ended September 30, 2000. The sales increase was realized despite a 13 percent decline in North American vehicle production levels.

The higher automotive sales reflect a 20 percent increase in North American content per vehicle and a 10 percent increase in European content per vehicle (excluding the 6 percent reduction related to the impact of foreign currency translation on European sales), and a 6 percent increase in tooling and other sales, the company said.

Diluted earnings per share from operations were $4.25 for the nine months ended September 30, 2001, compared to $4.04 in the nine months ended September 30, 2000. Diluted earnings per share for the nine months ended September 30, 2001 were $4.92.

The company said it posted sales of $2.5 billion for the third quarter ended September 30, 2001, an increase of 7 percent over the third quarter of 2000. Despite an 11 percent decline in North American vehicle production levels, automotive sales for the third quarter increased 6 percent from the third quarter of 2000. The higher sales reflect a 17 percent increase in North American content per vehicle and a 15 percent increase in European content per vehicle, partially offset by a 1 percent decrease in tooling and other sales.

Print Get the Mag Weekly Updates