Magna Announces Fourth Quarter and 2016 Results

AURORA, Ontario, February 24, 2017 /PRNewswire/ --

- Record 2016 sales up 13%, well above 4% growth in global light vehicle production
- Record 2016 diluted earnings per share from continuing operations increased 9%
- Record 2016 cash generated from operating activities of $3.4 billion, up 45%
- Returned $1.3 billion to shareholders in 2016

Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the fourth quarter and year ended December 31, 2016.

 

                                                           THREE MONTHS ENDED
                                                              DECEMBER 31,

                                                            2016           2015 
       Sales                                                  $    9,253             $    8,568
       Income from continuing operations before income taxes  $      646      $      624
       Net income from continuing operations attributable     $      478                $      483
                        to Magna International Inc.
       Adjusted EBIT(1)                                       $      696             $      656
       Diluted earnings per share from continuing operations  $     1.24                $     1.19

(Table continued)

                                                               YEAR ENDED
                                                              DECEMBER 31,

                                                            2016           2015 
       Sales                                                  $    36,445             $   32,134
       Income from       continuing operations before income taxes  $     2,780     $    2,651
       Net income from continuing operations attributable     $     2,031                $    1,946
                       to                          Magna International Inc.
       Adjusted EBIT(1)                                       $     2,898             $    2,529
       Diluted       earnings per share from continuing operations  $      5.16                $     4.72

All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars.