Magna expects sales to be hurt by sale of fluid pressure and controls
January 15, 2019 – Magna International Inc. says it expects its sales this year will be weighed down by a stronger U.S. dollar and the sale of its fluid pressure and controls business.
The Ontario-based auto parts maker, which keeps its books in U.S. dollars, says it expects total sales of US$40.2 billion to $42.4 billion for 2019.
Magna expects net income for the year to total $2.1 billion to $2.3 billion.
Capital spending for 2019 is forecast to be about $1.7 billion.
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Magna signed a deal in September to sell its fluid pressure and controls business to Hanon Systems, a South Korea-based company, for roughly $1.23 billion.
The deal is expected to close in the first quarter of 2019.
News from © The Canadian Press Enterprises 2019
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