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Magna raises 2012 sales outlook

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Magna International Inc. (MG-T), one of the world's biggest auto parts manufacturers, expects sales for this year to rise, helped by growth opportunities in new markets.

For full year 2012, the company expects total sales to be between $27.8 billion US and $29.3 billion US. For 2011, Magna had forecast total sales in the range of $25.6 billion-$27.1 billion.

Magna said it expects 2012 production sales to range between $23.6 billion and $24.7 billion.

The company also said it expects 2012 operating margins to be about 5 percent. Magna had earlier lowered its 2011 operating margin outlook to about 4.75 percent.

In North America, the company expects production sales to rise to $13.2 billion-$13.7 billion, compared with $12.7 billion-$13.2 billion last year.

In Europe, it expects sales to rise to $8.4 billion-$8.7 billion, compared with $7.8 billion-$8.1 billion last year, and between $2.0 billion and $2.3 billion in the rest of the world.

The company sees total production sales over a two-year period from 2012 to 2014 to be about $3.2 billion, it said in a statement.

The company forecast full-year 2012 spending for fixed assets to be between $1.3 billion and $1.5 billion. For 2011, Magna forecast spending for fixed assets to be between $900 million and $1.0 billion.

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