09:56:45 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 408,637,092
Close 2015-09-25 C$ 62.77
Market Cap C$ 25,650,150,265
Recent Sedar Documents

FP says Volkswagen's woes weigh on Linamar, others

2015-09-25 05:12 ET - In the News

See In the News (C-LNR) Linamar Corp

The Financial Post reports in its Friday, Sept. 25, edition that Volkswagen's woes are weighing on several Canadian companies. The Post's Kristine Owram writes that shares in Linamar, Martinrea and Magna International have had a difficult week. All three companies count Volkswagen among their customers, although Magna is the most exposed with 11 per cent of its 2014 global sales, or about $4-billion (U.S.), coming from the automaker. Linamar counts Volkswagen as a "strategic customer" but not a material one, as it accounted for less than 5 per cent of the company's consolidated sales in the first half of the year. Martinrea says its exposure to Volkswagen is "minimal" under 2 per cent. Shares in dealership group AutoCanada are also feeling the heat from Volkswagen amid fears that sales at its six Volkswagen dealerships could take a hit from the scandal. RBC analyst Steve Arthur says Volkswagen's diesel sales likely represented less than 1 per cent of AutoCanada's revenue last year, and there could actually be a potential for new revenue from repairs to the affected vehicles. The worst-case scenario at Magna would be a 40-cent hit to annual earnings per share, says BMO analyst Peter Sklar.

© 2024 Canjex Publishing Ltd. All rights reserved.