04:03:06 EDT Sat 20 Apr 2024
Enter Symbol
or Name
USA
CA



Magna International Inc
Symbol MG
Shares Issued 405,256,086
Close 2015-11-05 C$ 62.42
Market Cap C$ 25,296,084,888
Recent Sedar Documents

Globe/wire say Magna Int'l facing operational glitches

2015-11-06 06:45 ET - In the News

The Globe and Mail reports in its Friday edition that Magna International said operational glitches at three of its plants in North America would weigh on its earnings in the current quarter and spill over to the first half of next year. A Reuters dispatch to The Globe reports that increased downtime due to breakdowns at its facilities weighed on its third quarter earnings as customers were seeking production at full tilt. Magna also engineers and assembles vehicles for BMW's Mini and Daimler's Mercedes-Benz. Chief executive officer Don Walker says Magna was looking closely at any impact related to its customer, Volkswagen, which has been hit by a diesel emissions scandal. Volkswagen accounted for about 11 per cent of Magna's global sales last year. Mr. Walker says, "I don't know how anybody can say it's going to have absolutely no impact because we don't know what the impact is going to be yet." Magna reported a smaller-than-expected third quarter profit and cut its full-year operating margin forecast, saying weak demand in Asia due to lower vehicle production is also weighing on its earnings. Magna now expects 2015 operating margin to be about 7.7 per cent, lower than the 8 per cent it forecast in August.

© 2024 Canjex Publishing Ltd. All rights reserved.