Magna International Posts Solid First Quarter Numbers – Brief Article – Statistical Data Included
Magna International Inc. said its first quarter 2002 sales topped $3.12 billion, up from $2.86 billion in the first quarter of 2001. Net income climbed to $153 million from $144 million, pushing earnings per share to $1.73 from $1.68.
For the second quarter of 2002, Magna said it expects average dollar content per vehicle in North America to range between $420 and $435 and in Europe between $200 and $220. In addition, the company said it has assumed that second quarter 2002 light vehicle volumes will be approximately 4.4 million units in North America and 4.2 million units in Europe.
Based on expected average dollar content per vehicle in North America and Europe, the light vehicle volume assumptions and anticipated tooling and other automotive sales, Magna said it expects its automotive sales for the second quarter of 2002 to be between $2.9 billion and $3.1 billion and diluted earnings per share from operations to be in the range of $1.70 to $1.90.
The company said it expects full year 2002 average dollar content per vehicle in North America to range between $430 and $450 and in Europe between $200 and $220.
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