Magna Reveals Profitable Q4 2011

By Bizclik Editor

 

Magna International revealed late Thursday its fourth quarter 2011 earnings. Reporting a sales total of $7.3 billion, Magna’s sales increased 13 per cent in direct comparison to Q4 2010. Higher sales were attributed to Magna’s enhanced North American vehicle production sales which increased 15 per cent.

Magna’s complete vehicle assembly sales saw an increase as well, although minimal. Showing a 3 per cent jump from 2010, sales reached $625 million, while vehicle assembly volumes rose 19 per cent to an estimated 30,000 units.

What does this mean for stockholders? Net income that Magna attributed was a total of $312 million equalling diluted earnings per share at $1.32. Comparatively to Q4 2010, shareholders saw an increase of $0.43.

"Overall, we are pleased with our strong results for 2011. Improving our operating results in Europe remains a key focus point for us in 2012. We also currently have many new facilities planned or under construction around the world. Ensuring that these new facilities launch successfully is another key area of focus for us this year,” said Don Walker, Magna’s CEO. "Our top priorities include bringing all of our manufacturing facilities up to 'world class manufacturing' levels, the continued focus on innovation in order to support our customers and win new business, and the enhancement of our leadership development process to ensure that we have strong leaders to manage our operations around the world."

 

SEE RELATED STORIES FROM THE WDM CONTENT NETWORK:

Click here to read the latest edition of Business Review Canada

"Our solid balance sheet and strong cash flow generation position us well to further invest in our business through a combination of capital spending, acquisitions and when prudent, repurchasing our Common shares. We intend to utilize our balance sheet in these areas. In addition, we will continue to return cash to our shareholders through our quarterly dividend, which is currently at a record level,” said Vince Galifi, Magna’s Executive Vice President and CFO. 

Share

Featured Articles

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

During this unprecedented era of rapid digital transformation, establishing a well-functioning ecosystem stands to benefit both employees and customers

Mastercard: Supporting clients at a time of rapid evolution

Mastercard has announced a significant expansion of its consulting business with the launch of new practices dedicated to both AI and economics

Why Ceridian has boldly rebranded to Dayforce

Human Capital

McKinsey’s eight lessons in leadership for aspiring CEOs

Leadership & Strategy

KPMG: The biggest challenges facing global CEOs in 2023

Leadership & Strategy