06:38:57 EDT Fri 19 Apr 2024
Enter Symbol
or Name
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Magna International Inc
Symbol MG
Shares Issued 383,354,375
Close 2017-01-12 C$ 59.18
Market Cap C$ 22,686,911,913
Recent Sedar Documents

FP says Magna Int'l expecting robust sales growth

2017-01-12 09:45 ET - In the News

The Financial Post reports in its Thursday edition that Magna International expects its sales growth to outperform the market over the next three years and sees opportunity in manufacturing complete vehicles for new industry players that have never built a car before. The Post's Kristine Owram writes that Magna released its financial outlook for 2017 and its sales expectations for 2019 on Wednesday. The 2017 revenue guidance of $36-billion to $37.7-billion came in slightly below the consensus estimate of $37.8-billion, but the 2019 outlook exceeded expectations (all figures U.S.). Magna says its 2019 outlook, which calls for total sales of $43.5-billion to $46.2-billion, includes the assumption that complete vehicle assembly sales will "approximately triple" by 2019 to as much as $7.1-billion. Magna builds complete vehicles at its Steyr subsidiary, based in Austria. It is launching significant new business in the next couple of years, including the BMW 5 Series and a program for Jaguar Land Rover in 2017, the Jaguar I-PACE battery-electric vehicle in 2018, and two other undisclosed vehicle models in 2018 and beyond. Magna is already adding capacity to a paint shop in Slovenia to support the new business.

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