Magna International Inc. said it expects 2003 results to be a
"strong follow-up" to last year's record performance, the
coming year will also set the stage for future growth and profitability.
On a conference call with analysts, the Canadian auto-parts giant said
new product launches in 2003 will amount to $3.3 billion in new
business, but the full benefits won't be realized until 2004.
"Historically, Magna has had a strong track record of
launching programs successfully, and we remain confident in our ability
to successfully launch these new programs," Belinda Stronach, the
company's president and chief executive, told analysts.
However, the company said launch costs associated with 2003
new-vehicle programs across the company will mean first-quarter gross
margins will be in the mid-16 percent range, which is slightly lower
than last year.
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