Magna International Inc., the North America’s largest automobile parts manufacturer reported a big jump in quarterly earnings on Thursday that easily beat analysts’ expectations as vehicle production soared in North America.
The North American auto-parts giant, based in Aurora, Ont., had net income of $311 million or $1.32 a share in the final quarter of 2011, up from $219 million or 89 cents a year earlier. Revenue rose 13% to $7.25 billion.
That beat analyst expectations for the big industrial company, which operates around the world and is a major supplier to the Detroit Three automakers and companies such as Volkswagen and other European carmakers.
Underperforming European operations showed improvements from the third quarter, Magna said on a conference call, and gains are expected to continue in 2012.
“Improving our operating results in Europe remains a key focus point for us in 2012,” Magna president Don Walker said in a statement.
“We also currently have many new facilities planned or under construction around the world. Ensuring that these new facilities launch successfully is another key area of focus for us this year.”
For full-year 2012, Magna now forecasts consolidated total sales of $28.0 billion to $29.5 billion and consolidated production sales of $23.8 billion to $24.9 billion.