Magna reports net loss in Q4
Magna reported a net loss of $148m in Q4 08 compared to a net income of $28m in Q4 07
Magna International, a Canadian supplier of automotive systems, assemblies and components, has reported a net loss of $148 million or diluted loss per share of $1.33 in the fourth quarter of 2008, compared to a net income of $28 million or diluted earnings per share of $0.24 in the fourth quarter of 2007.
The company has reported sales of $4.84 billion in the fourth quarter of 2008, compared to $6.84 billion in the fourth quarter of 2007. Operating loss was $165 million, compared to an operating income of $203 million in the fourth quarter of 2007.
For the full year 2008, Magna has reported a net income of $71 million or $0.62 diluted earnings per share, compared to $663 million or $5.86 diluted earnings per share in 2007.
Sales for the full year 2008 were $23.7 billion, compared to $26.07 billion in 2007. Operating income in 2008 was $328 million, compared to $1.15 billion in 2007.
Siegfried Wolf, co-CEO of Magna, said: We are facing one of the most difficult automotive environments in decades, across numerous markets. Our recent financial results reflect this. We have been taking actions to reduce fixed costs, minimize discretionary spending, and trim capital spending, all in an effort to restore profitability, conserve cash and maintain our strong balance sheet.
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