Magna has recorded fourth-quarter profits up 12% to US$10.6bn.
Entire-calendar year 2020 profits fell 17% to US$32.6bn, as opposed to car output declines of 20% and 23% in Magna’s most substantial production markets of North America and Europe.
“Magna navigated a challenging yr from a posture of power attributable to our entrepreneurial spirit, marketplace major portfolio and balanced equilibrium sheet,” stated Magna CEO, Swamy Kotagiri. “From the time COVID-19 initial struck, our main emphasis was on safeguarding the well being, security and financial very well-remaining of our staff.
“All round, I think our second-50 percent outcomes show Magna’s resilience – we are rising even stronger from the worries we faced in 2020. Our outlook displays a product or service technique aligned with sustainability targets, further progress driven by technologies that support the automobile of the potential, margin growth and ongoing solid cost-free cash movement technology.”
Present the push release
First resource: https://www.magna.com/docs/default-source/2021-push-releases/2021-02-19—magna-2020-q4-press-release.pdf?sfvrsn=e3b21183_2