Magna increases global Q1 sales by 3% but profits dropped

Magna International has reported sales of $6.6 billion for the first quarter ended March 31, 2008, an increase of 3% over the first quarter of 2007resulting from increases in European and Rest of World production sales, offset in part by reductions in North American production sales, complete vehicle assembly sales, and tooling, engineering and other sales.
 
Complete vehicle assembly sales decreased 2% to $1.09 billion for the first quarter of 2008 compared to $1.10 billion for the first quarter of 2007 and complete vehicle assembly volumes declined 28% to 43,546 units.
 
During the first quarter of 2008, Magna¡¯s operating income was $286 million, net income was $207 million and diluted earnings per share were $1.78. Operating income decreased $19 million, net income decreased $11 million, and diluted earnings per share decreased $0.18, each compared to the first quarter of 2007.
From: autoindustry.uk/news

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