Magna announces third quarter and year to date results
| Reprints | Single Page
TORONTO, Nov. 5 /PRNewswire-FirstCall/ - Magna International Inc. (TSX: MG.A;
NYSE: MGA) today reported financial results for the third quarter and nine
months ended September 30, 2009.
-------------------------------------------------------------------------
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------- --------------------
2009 2008 2009 2008
--------- --------- --------- ---------
Sales $ 4,669 $ 5,533 $ 11,948 $ 18,868
Operating income (loss) $ 81 $ (112) $ (386) $ 493
Net income (loss) $ 51 $ (215) $ (354) $ 219
Diluted earnings (loss)
per share $ 0.45 $ (1.93) $ (3.17) $ 1.92
-------------------------------------------------------------------------
All results are reported in millions of U.S. dollars, except per share
figures, which are in U.S. dollars.
-------------------------------------------------------------------------
THREE MONTHS ENDED SEPTEMBER 30, 2009
-------------------------------------
During the third quarter of 2009, vehicle production declined 20% to 2.3
million units in North America and 9% to 2.9 million units in Europe, each
compared to the third quarter of 2008.
Also during the third quarter of 2009, our North American average dollar
content per vehicle increased 8%, while European average dollar content per
vehicle was essentially unchanged, each compared to the third quarter of 2008.
Complete vehicle assembly sales decreased 38% to $428 million for the third
quarter of 2009 compared to $687 million for the third quarter of 2008, while
complete vehicle assembly volumes declined 42% to approximately 14,700 units.
Substantially as a result of the significant declines in vehicle production in
North America and Europe, and decreases in assembly sales and tooling,
engineering and other sales, partially offset by increased North American
content per vehicle and Rest of World Sales, our total sales decreased 16% to
$4.7 billion for the third quarter of 2009 as compared to $5.5 billion for the
third quarter of 2008.
During the third quarter of 2009, operating income was $81 million, net income
was $51 million and diluted earnings per share were $0.45, increases of $193
million, $266 million and $2.38, respectively, each compared to the third
quarter of 2008.
During the third quarter ended September 30, 2009, we generated cash from
operations before changes in non cash operating assets and liabilities of $258
million, and invested $234 million in non cash operating assets and
liabilities. Total investment activities for the third quarter of 2009 were
$250 million, including $153 million in fixed asset additions, a $100 million
increase in investments and other assets and $11 million to purchase
subsidiaries.
NINE MONTHS ENDED SEPTEMBER 30, 2009
------------------------------------
During the nine months ended September 30, 2009, vehicle production declined
41% to 5.8 million units in North America and 27% to 8.5 million units in
Europe, each compared to the first nine months of 2008.
Also during the first nine months of 2009, our North American average dollar
content per vehicle increased 1%, while European average dollar content per
vehicle decreased 3%, each compared to the first nine months of 2008.
Complete vehicle assembly sales decreased 56% to $1.3 billion for the nine
months ended September 30, 2009 compared to $2.8 billion for the nine months
ended September 30, 2008, while complete vehicle assembly volumes declined 68%
to approximately 40,800 units.
As a result of the significant declines in vehicle production in North America
and Europe, lower European average dollar content per vehicle, and decreases
in assembly sales and tooling, engineering and other sales, partially offset
by higher North American average content per vehicle and Rest of World Sales,
our total sales decreased 37% to $11.9 billion for the nine months ended
September 30, 2009 as compared to $18.9 billion for the nine months ended
September 30, 2008.
During the nine months ended September 30, 2009, operating loss was $386
million, net loss was $354 million and diluted loss per share was $3.17,
decreases of $879 million, $573 million and $5.09, respectively, each compared
to the first nine months of 2008.
During the nine months ended September 30, 2009, we generated cash from
operations before changes in non cash operating assets and liabilities of $354
million, and invested $341 million in non cash operating assets and
liabilities. Total investment activities for the first nine months of 2009
were $630 million, including $399 million in fixed asset additions, a $206
million increase in investments and other assets and $50 million to purchase
subsidiaries.
OTHER MATTERS
-------------
Our Board of Directors has approved the redemption of all of our outstanding
6.5% Convertible Subordinated Debentures (the "Debentures") for cash on
December 7, 2009. The Debentures are redeemable at a price equal to 100% of
the principal amount of the Debentures to be redeemed, plus accrued and unpaid
interest thereon to, but excluding, the date of redemption. The aggregate
principal amount of Debentures currently outstanding is Cdn. $99,998,000.
A more detailed discussion of our consolidated financial results for the third
quarter and nine months ended September 30, 2009 is contained in the
Management's Discussion and Analysis of Results of Operations and Financial
Position, and the unaudited interim consolidated financial statements and
notes thereto, which are attached to this Press Release.
We are the most diversified global automotive supplier. We design, develop and
manufacture technologically advanced automotive systems, assemblies, modules
and components, and engineer and assemble complete vehicles, primarily for
sale to original equipment manufacturers ("OEMs") of cars and light trucks.
Our capabilities include the design, engineering, testing and manufacture of
automotive interior systems; seating systems; closure systems; body and
chassis systems; vision systems; electronic systems; exterior systems;
powertrain systems; roof systems; as well as complete vehicle engineering and
assembly.
We have approximately 72,000 employees in 242 manufacturing operations and 86
product development and engineering centres in 25 countries.http://www.reuters.com/article/pressRelease/idUS263659+05-Nov-2009+PRN20091105
)
Recent Comments