Magna is expecting up to $2.5B profit in 2018
AURORA, ONT.— Magna International Inc. says it expects to earn $2.3 billion to $2.5 billion in this year.
In its guidance for 2018, the autoparts company says it expects sales to total between $39.3 billion and $41.5 billion. Sales are expected to grow to $42.7 billion to $45.7 billion in 2020. Capital spending is expected to amount to roughly $1.8 billion this year.
The guidance came amid Magna’s expectations for light vehicle production in North America to total 17.4 million in 2018.
Light vehicle production in Europe was forecast at 22.3 million.
Magna is one of the world’s largest automotive suppliers with more than 163,000 employees.