Canadian automotive supplier Magna International, Inc. (MGA: Quote,MG.TO: Quote) on Wednesday said it expects total sales for fiscal 2013 between $31.3 billion and $32.7 billion.
Of these, total production sales would be in the range of $26.5 billion to $27.5 billion, with majority coming from North America and Europe. Complete vehicle assembly sales for the year would be $2.5 billion – $2.8 billion.
Adjusted operating margin is projected to be in the mid 5 percent range for the year.
Also, the company expects light vehicle production to total 15.3 million units in North America and 12 million units in Europe.
Chief Executive Officer Don Walker said, “Our outlook reflects the progress we are making in expanding Magna’s business outside of our traditional markets. Our growing footprint in high growth markets, combined with our strong positions in North America and Europe, further enhances our ability to support our customers on global platforms.”
Walker added, “In Europe, our recent focus has been on improving operations and bottom-line results. We have made progress and continue to implement restructuring actions that we believe should contribute over time to further improvement in our future European financial results.”
In addition to 2013 sales outlook, the company expects an increase in total production sales over the two-year period from 2013 to 2015 of approximately $2.2 billion. The forecast is based on assumed full year 2015 light vehicle production volumes of approximately 16.7 million units in North America and approximately 12.8 million units in Western Europe.
Magna also announced that the previously disclosed investigation by the United States Department of Justice into certain practices relating to the company’s tooling sales has been concluded without any action being taken by the DoJ.
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by RTT Staff Writer
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