Sales in the company's seating systems business rose by 0.5% between 2018 and 2019, reaching $5.6 bn in 2019. Adjusted EBIT in the division fell 26.8% and reached $312m in 2019.
The company discusses its results for the final quarter of 2019. In the seating systems business, sales fell 1% or $9m to $1.43 billion in the fourth quarter of 2019. This is because of the fall in US light vehicle production in North America caused by a 40-day strike at General Motors.
European sales were down because some makers stopped making models featuring some Magna parts. Currency effects, reduced prices and the cost of tooling up to for new jobs to replace the closed products hit the numbers. All these effects fed into the adjusted EBIT numbers.
Looking ahead to 2020, the company stands by its forecasts made in mid-January. This is because it believes it is too soon to say when its customers in China will restart production. It is also impossible to estimate the effect of coronavirus on China and other countries.
Despite the lack of clarity, CEO Don Walker said: 'I believe we are as well-positioned as ever to continue to grow.