Magna International Inc. (TSX: MG; NYSE: MGA ) today reported financial results for the second quarter ended June 30, 2017. Sales were up 3% and EPS up 5%.

ABOUT MAGNA

Magna, headquartered in Aurora, Ontario, Canada, is a leading global automotive supplier with 327 manufacturing operations and 100 product development, engineering and sales centres in 29 countries and over 161,000 employees.

Q2 FINANCIAL RESULTS (reported in USD)

• Sales revenue: UP 3% to a record $9.68 billion for the second quarter ended June 30, 2017, compared to the second quarter of 2016. 
• Total vehicle assembly sales: UP 14% largely reflecting the start of production of the BMW 5-Series at our assembly facility in Graz, Austria, partially offset by the end of production of the MINI Countryman and Paceman in 2016.
• Income from operations: DOWN 1% to $762 million
• Net income attributable to Magna International Inc.: UP 1% to a second quarter record $561 million
• Diluted earnings per share: UP 5% to $1.48
• Adjusted EBIT: DOWN 2% to $776 million
• Cash from operations: $948 million before changes in operating assets and liabilities

RETURN OF CAPITAL TO SHAREHOLDERS

• repurchased 8.5 million shares for $383 million
• paid dividends of $101 million
• declared a quarterly dividend of $0.275 payable on September 15, 2017 to shareholders of record on September 1, 2017.

2017 OUTLOOK 

• Total Light Vehicle Production (Units): 39.5 million
• Production Sales: $37.7-$39.4 billion (Magna counts General Motors, Volkswagen, BMW and Ford Motor among its biggest customers)
• Adjusted EBITA: 8%-8.2%