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Magna announces Q4 and '08 financial results
February 26, 2009, Aurora, Ontario, Canada -- Magna International Inc. reported financial results for the fourth quarter and year ended December 31, 2008.
YEAR ENDED DECEMBER 31, 2008
We posted sales of $23.7 billion for 2008, a decrease of 9% from 2007. This lower sales level was a result of decreases in our North American production sales and complete vehicle assembly sales, offset in part by increases in our European and Rest of World production sales and our tooling, engineering and other sales.
During 2008, operating income was $328 million, net income was $71 million and diluted earnings per share was $0.62, decreases of $824 million, $592 million and $5.24, respectively, each compared to 2007.
THREE MONTHS ENDED DECEMBER 31, 2008
We posted sales of $4.8 billion for the fourth quarter ended December 31, 2008, a decrease of 29% from the fourth quarter of 2007. This lower sales level was a result of decreases in our North American, European and Rest of World production sales and complete vehicle assembly sales, offset in part by increases in our tooling, engineering and other sales.
Siegfried Wolf, Magna’s Co-Chief Executive Officer said: “We are facing one of the most difficult automotive environments in decades, across numerous markets. Our recent financial results reflect this. We have been taking actions to reduce fixed costs, minimize discretionary spending, and trim capital spending, all in an effort to restore profitability, conserve cash and maintain our strong balance sheet. At the same time, we are prudently investing for the future by spending on new programs, acquisitions and innovation, in order to further improve our competitive position and prospects for future growth when automotive markets finally recover. While these turbulent times have been painful for some of our employees, we believe our actions have been necessary to strengthen Magna for the future.”
Don Walker, Magna’s Co-Chief Executive Officer further commented: “The extent of financial and other support to the automotive industry made or proposed by governments around the world is encouraging. It shows that many leaders recognize the significant contribution that the automotive industry makes to the economies of their respective countries and to the global economy. I believe certain governments have also come to recognize the vital role that automotive suppliers play in keeping the industry functioning. We are hopeful that governments will recognize the need to protect amounts owing to suppliers in any restructuring of the industry.”
About Magna
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 74,000 employees in 240 manufacturing operations and 86 product development, engineering and sales centres in 25 countries.
YEAR ENDED DECEMBER 31, 2008
We posted sales of $23.7 billion for 2008, a decrease of 9% from 2007. This lower sales level was a result of decreases in our North American production sales and complete vehicle assembly sales, offset in part by increases in our European and Rest of World production sales and our tooling, engineering and other sales.
During 2008, operating income was $328 million, net income was $71 million and diluted earnings per share was $0.62, decreases of $824 million, $592 million and $5.24, respectively, each compared to 2007.
THREE MONTHS ENDED DECEMBER 31, 2008
We posted sales of $4.8 billion for the fourth quarter ended December 31, 2008, a decrease of 29% from the fourth quarter of 2007. This lower sales level was a result of decreases in our North American, European and Rest of World production sales and complete vehicle assembly sales, offset in part by increases in our tooling, engineering and other sales.
Siegfried Wolf, Magna’s Co-Chief Executive Officer said: “We are facing one of the most difficult automotive environments in decades, across numerous markets. Our recent financial results reflect this. We have been taking actions to reduce fixed costs, minimize discretionary spending, and trim capital spending, all in an effort to restore profitability, conserve cash and maintain our strong balance sheet. At the same time, we are prudently investing for the future by spending on new programs, acquisitions and innovation, in order to further improve our competitive position and prospects for future growth when automotive markets finally recover. While these turbulent times have been painful for some of our employees, we believe our actions have been necessary to strengthen Magna for the future.”
Don Walker, Magna’s Co-Chief Executive Officer further commented: “The extent of financial and other support to the automotive industry made or proposed by governments around the world is encouraging. It shows that many leaders recognize the significant contribution that the automotive industry makes to the economies of their respective countries and to the global economy. I believe certain governments have also come to recognize the vital role that automotive suppliers play in keeping the industry functioning. We are hopeful that governments will recognize the need to protect amounts owing to suppliers in any restructuring of the industry.”
About Magna
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 74,000 employees in 240 manufacturing operations and 86 product development, engineering and sales centres in 25 countries.
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