Magna International Inc. – MGA – Quarterly dividend of $0.275
Magna International Inc. (NYSE: MGA) reported financial results for the third quarter ended September 30, 2012.
MGA – Three Months Ended September 30, 2012
MGA posted sales of $7.4 billion for the third quarter ended September 30, 2012, an increase of 6% from the third quarter of 2011. MGA achieved this sales increase in a period when vehicle production increased 15% in North America and declined 7% in Western Europe, both relative to the third quarter of 2011. In the third quarter of 2012, their North American and Rest of World production sales, as well as tooling, engineering and other sales increased, while European production sales and complete vehicle assembly sales decreased, in each case relative to the comparable quarter in 2011.
Complete vehicle assembly sales decreased 6% to $620 million for the third quarter of 2012 compared to $663 million for the third quarter of 2011, while complete vehicle assembly volumes decreased 9% to approximately 29,000 units.
During the third quarter of 2012, adjusted EBIT increased 23% to $352 million compared to $286 million for the third quarter of 2011.
MGA – Nine Months Ended September 30, 2012
MGA posted sales of $22.8 billion for the nine months ended September 30, 2012, an increase of 6% from the nine months ended September 30, 2011. This higher sales level reflected increases in our North American, European, and Rest of World production sales as well as higher tooling and engineering and other sales, partially offset by lower complete vehicle assembly sales.
During the nine months ended September 30, 2012, vehicle production increased 20% to 11.6 million units in North America and decreased 7% to 9.6 million units in Western Europe, each compared to the first nine months of 2011.
Complete vehicle assembly sales decreased 10% to $1.9 billion for the nine months ended September 30, 2012 compared to $2.1 billion for the nine months ended September 30, 2011, while complete vehicle assembly volumes decreased 8% to approximately 92,000 units.
MGA – Dividends
Today, MGA Board of Directors declared a quarterly dividend of $0.275 with respect to our outstanding Common Shares for the quarter ended September 30, 2012. This dividend is payable on December 14, 2012 to shareholders of record on November 30, 2012.
About MAGNA – MGA
MGA is a leading global automotive supplier with 305 manufacturing operations and 88 product development, engineering and sales centres in 27 countries. MGA’s 117,000 employees are focused on delivering superior value to our customers through innovative processes and World Class Manufacturing. MGA product capabilities include producing body, chassis, interiors, exteriors, seating, powertrain, electronics, mirrors, closures and roof systems and modules, as well as complete vehicle engineering and contract manufacturing.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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