Magna FY2018 net income rises 4.5% y/y to USD2.29 billion on record sales
Company forecasts FY2019 sales in the range of USD40.2 billion to USD42.4 billion
Magna’s net income increased 4.5% year-over-year (y/y) to USD2.29 billion in the financial year ended 31 December 2018, the leading Canadian automotive supplier said in a press release on 22 February. Sales were up 11.6% y/y and reached record high at USD40.5 billion. Magna recorded income from continuing operations before income taxes of USD2.95 billion, a drop of USD34 million over 2017. Adjusted EBITDA was up by USD13 million to USD3.1 billion.
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