AURORA, ON, Nov. 6, 2013 /PRNewswire/ - Magna International Inc. (TSX: MG; NYSE: MGA) today reported financial results for the third quarter ended September 30, 2013.
THREE MONTHS ENDED
SEPTEMBER 30,
NINE MONTHS ENDED
SEPTEMBER 30,
2013
2012
2013
2012
Sales
$
8,338
$
7,411
$
25,661
$
22,804
Adjusted EBIT(1)
$
444
$
352
$
1,458
$
1,271
Income from operations before income taxes
$
391
$
500
$
1,391
$
1,409
Net income attributable to Magna International Inc.
$
319
$
390
$
1,103
$
1,082
Diluted earnings per share
$
1.39
$
1.66
$
4.74
$
4.60
All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars.
(1) Adjusted EBIT is the measure of segment profit or loss as reported in the Company's attached unaudited interim consolidated financial statements.
Adjusted EBIT represents income from operations before income taxes; interest expense, net; and other expense (income), net.
THREE MONTHS ENDED SEPTEMBER 30, 2013
We posted sales of $8.34 billion for the third quarter ended September 30, 2013, an increase of 13% from the third quarter of 2012. We achieved this sales increase in a period when vehicle production increased 4% in North America and 1% in Europe, both relative to the third quarter of 2012. In the third quarter of 2013, our North American, European and Rest of World production sales, as well as complete vehicle assembly sales and tooling, engineering and other sales increased, in each case relative to the comparable quarter in 2012.
Complete vehicle assembly sales increased 10% to $680 million for the third quarter of 2013 compared to $620 million for the third quarter of 2012, while complete vehicle assembly volumes increased 16% to approximately 34,000 units.
During the third quarter of 2013, income from operations before income taxes was $391 million, net income attributable to Magna International Inc. was $319 million and diluted earnings per share were $1.39, decreases of $109 million, $71 million and $0.27 respectively, each compared to the third quarter of 2012.
During the third quarter of 2013, we recorded restructuring charges which negatively impacted income from operations before income taxes by $48 million, net income attributable to Magna International Inc. by $33 million and diluted earnings per share by $0.14.
During the third quarter of 2012, we recorded a re-measurement gain on the acquisition of the controlling 27% interest in Magna E-Car Systems Partnership ("E-Car"). This positively impacted income from operations before income taxes by $153 million, net income attributable to Magna International Inc. by $125 million and diluted earnings per share by $0.53.
During the third quarter ended September 30, 2013, we generated cash from operations of $574 million before changes in non
Magna International Inc. is a Canada-based global automotive supplier. The Company has complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, electronics, mechatronics, mirrors, lighting, and roof systems. Its Veoneer Active Safety provides sensor, software and systems engineering solutions to a range of customers. The Company's segments include Body Exteriors & Structures; Power & Vision; Seating Systems; and Complete Vehicles. Its Body Exteriors & Structures include body structures, chassis structures, exterior, energy storage systems and other. Its Power & Vision products include electrified powertrain technologies, powertrain subsystems and other. Its Complete Vehicles consist of complete vehicle engineering and complete vehicle manufacturing. The Company's global network includes 341 manufacturing operations and 88 product development.
MAGNA INTERNATIONAL INC. 
By 
