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.
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