Aurora, Ontario — Adjusted EBIT in the Seating Systems division at Magna International fell by 28.3% compared with the first half of 2018. Earnings were $177m in the period.
Magna battles falling car volumes in H1 2019
The company, which reports in US $ said, sales in the division were $2.9 bn in the period. This is almost identical to the same period in 2018.
Company-wide sales were $20.7 bn the first half of 2019.This lower by 1.7% than the same period in 2018.
Meanwhile, adjusted EBIT in the company shrank by 2%. The company generated earnings of $1.4 bn in the first half.
Magna said 'this compares favourably with global light vehicle production which decreased 5% in the first six months of 2019 compared to the first six months of 2018.
Don Walker is Magna’s CEO. He said that the 'Second quarter results came in slightly ahead of our expectations and our sales once again outpaced global vehicle production. We have been taking steps to optimize our business in response to lower industry volumes.'
|Magna International numbers H1 2019 ( $ m)|