Magna Announces Second Quarter Results
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Magna International Inc. reported financial results for the second quarter ended June 30, 2009. During the second quarter of 2009, vehicle production declined 49% to 1.8 million units in North America and 28% to 3.1 million units in Europe, each compared to the second quarter of 2008. Also, Magna’s North American and European average dollar content per vehicle decreased 10% and 7% respectively, each compared to the second quarter of 2008.
Complete vehicle assembly sales decreased 60% to US$423 million for the second quarter of 2009 compared to US$1.1 billion for the second quarter of 2008, while complete vehicle assembly volumes declined 65% to approximately 14,100 units.
Substantially as a result of the significant declines in vehicle production in North America and Europe, lower average dollar content per vehicle in these two markets, and decreases in assembly sales and tooling, engineering and other sales, total sales decreased 45% to US$3.7 billion for the second quarter of 2009 as compared to US$6.7 billion for the second quarter of 2008.
During the second quarter of 2009, operating loss was US$237 million, net loss was US$205 million and diluted loss per share was US$1.83, decreases of US$556 million, US$432 million and US$3.81, respectively, each compared to the second quarter of 2008.
Finally, during the second quarter ended June 30, 2009, Magna generated cash from operations before changes in non-cash operating assets and liabilities of US$87 million, and invested US$55 million in non-cash operating assets and liabilities. Total investment activities for the second quarter of 2009 were US$273 million, including US$150 million in fixed asset additions, US$39 million to purchase subsidiaries and an US$84 million increase in investments and other assets.
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