Magna International Inc. (TSX: MG; NYSE: MGA) today announced its financial outlook for 2015. All amounts are in U.S. dollars.
2015 OUTLOOK
| Light Vehicle Production (Units) | |||||
| North America | 17.3 million | ||||
| Europe | 20.3 million | ||||
| Production Sales | |||||
| North America | $17.6 billion – $18.2 billion | ||||
| Europe | $9.0 billion – $9.4 billion | ||||
| Asia | $2.0 billion – $2.2 billion | ||||
| Rest of World | $0.6 billion – $0.7 billion | ||||
| Total Production Sales | $29.2 billion – $30.5 billion | ||||
| Complete Vehicle Assembly Sales | $2.4 billion – $2.7 billion | ||||
| Total Sales | $34.4 billion – $36.1 billion | ||||
| Operating Margin* | Low 7% range | ||||
| Tax Rate* | 25% – 26% | ||||
| Capital Spending | $1.5 billion – $1.7 billion | ||||
| * Excluding other expense (income), net | |||||
In addition to our 2015 sales and light vehicle production outlook above, we expect 2017 total production sales to be approximately $5 billion higher than 2015, based on assumed full year 2017 light vehicle production volumes of approximately 18.2 million units in North America and approximately 21.9 million units in Europe. We expect the increase in total production sales to be split approximately as follows by segment: 45% in North America, 35% in Europe and 20% in Asia.
In this outlook we have assumed no material acquisitions or divestitures. In addition, we have assumed that foreign exchange rates for the most common currencies in which we conduct business relative to our U.S. dollar reporting currency will approximate year end 2014 rates.
