Magna Lowers Its Production Forecast for Tariff

Canadian automotive components supplier Magna has reported its net income of the second quarter with a growth of 13% YoY to US$636 million. Despite the growth, the company has adjusted its outlook for 2018 in response to tariffs.


(Image: Magna)

The main growth driver was from the European market. Sales in Europe have risen 28% to US$ 4.3 billion while in North America it has increased 3% to US$ 5.2 billion. The sales in the Asia market have also increased by 7% to US$ 697 million.

Though the company has gained higher earnings and record revenue, Magna has reduced its 2018 outlook, lowering the anticipated North American light-vehicle production to 17.2 million units from 17.3 million units and total sale of US$ 40.3 – 42.5 billion from US$ 40.9 – 43.1 billion.

“Our updated outlook for 2018 substantially reflects the strengthening U.S. dollar, reduced equity income from joint ventures in our transmission business, and the estimated impact of tariffs,” said Vince Galifi, CFO of Magna.

Disclaimers of Warranties
1. The website does not warrant the following:
1.1 The services from the website meets your requirement;
1.2 The accuracy, completeness, or timeliness of the service;
1.3 The accuracy, reliability of conclusions drawn from using the service;
1.4 The accuracy, completeness, or timeliness, or security of any information that you download from the website
2. The services provided by the website is intended for your reference only. The website shall be not be responsible for investment decisions, damages, or other losses resulting from use of the website or the information contained therein<
Proprietary Rights
You may not reproduce, modify, create derivative works from, display, perform, publish, distribute, disseminate, broadcast or circulate to any third party, any materials contained on the services without the express prior written consent of the website or its legal owner.

Streetlights and high-bay fixtures require high flux and efficacy to meet the ever increasing demands for system efficiency and energy cost reduction for these applications. Today, LUXEON 5050 LEDs received an upgrade in both flux and efficacy... READ MORE

The recent outbreak of COVID-19 has prompted the large-scale search for practical solutions that can prevent the spread of the deadly virus — from researchers and scientists committed to finding a solution, to the manufacturers and consu... READ MORE