AURORA, ONTARIO (Feb. 24, 1 p.m. ET) — Automotive supplier Magna said its sales for the final quarter of 2011, ending Dec, 331, were $7.3 billion, an increase of 13 percent from Q4 2010. In Q4 2011, vehicle production rose 15 percent in North America and declined 4 percent in Western Europe, compared to Q4 2010, the company noted.
Magna's sales in complete vehicle assembly increased 3 percent to $625 million Q4 2011 compared to $608 million for Q4 of 2010, while complete vehicle assembly volumes increased 19 percent to about 30,000 units.
For the whole year, Magna's sales were $28.7 billion, an increase of 23 percent from the previous year, “a result of increases in our North American, European and rest of world sales, complete vehicle assembly sales and tooling, engineering and other sales,” Magna said.
Magna notes that the year saw vehicle production rise 10 percent to 13.1 million units in North America and 3 percent to 13.7 million units in Western Europe, compared to 2010.
Magna's sales in complete vehicle assembly increased 24 percent to $2.7 billion for 2011, while complete vehicle assembly volumes increased 51 percent to about 130 000 units.
In 2011, Magna's income from operations before income taxes was $1.2 billion.
“Overall, we are pleased with our strong results for 2011. Improving our operating results in Europe remains a key focus point for us in 2012. We also currently have many new facilities planned or under construction around the world. Ensuring that these new facilities launch successfully is another key area of focus for us this year,” said CEO Don Walker.