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BRIEF-Magna Announces Outlook

Published 2019-01-15, 05:20 a/m
Updated 2019-01-15, 05:30 a/m
© Reuters.  BRIEF-Magna Announces Outlook

Jan 15 (Reuters) - Magna International Inc MG.TO :

* MAGNA ANNOUNCES OUTLOOK

* FREE CASH FLOW IS EXPECTED TO INCREASE TO A CUMULATIVE TOTAL OF MORE THAN $6.5 BILLION IN 2019-2021 TIMEFRAME

* FOR 2019, SALES ARE EXPECTED TO BE NEGATIVELY IMPACTED BY ANNOUNCED DISPOSITION OF FLUID PRESSURE & CONTROLS BUSINES

* FOR 2019 SEES CAPITAL SPENDING ABOUT $1.7 BILLION

* OUTLOOK ANTICIPATES A SLIGHT DECLINE IN OUR EBIT MARGIN IN 2019

* OUTLOOK TO 2021 ANTICIPATES CONTINUED GROWTH IN TOTAL SALES AND IMPROVEMENT IN OUR EBIT MARGIN COMPARED TO 2018

* SEES 2019 TOTAL SALES $40.2 - $42.4 BILLION

* FOR 2019 SEES NET INCOME ATTRIBUTABLE TO MAGNA $2.1 BILLION - $2.3 BILLION

* OUTLOOK REFLECTS DIVESTITURE OF FLUID PRESSURE & CONTROLS BUSINESS, WHICH IS EXPECTED TO OCCUR AT THE END OF Q1 2019

* NORTH AMERICAN BUSINESS REFLECTS NEGATIVE IMPACT OF RECENTLY ANNOUNCED GENERAL MOTORS ASSEMBLY PLANT ACTIONS

* SEES 2021 TOTAL SALES $42.4 BILLION TO $45.4 BILLION

* SEES IN 2021 EUROPE LIGHT VEHICLE PRODUCTION 22.9 MILLION UNITS

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