Dominion Lending Centres Clearlease Reports Magna International (TSX:MG) Q1 earnings grow 43 per cent

Dominion Lending Centres Clearlease Reports Magna International (TSX:MG) Q1 earnings grow 43 per cent

VANCOUVER, BRITISH COLUMBIA – (May 4, 2011) Clearlease Reports Auto parts giant Magna International Inc. (TSX:MG) says its first-quarter earnings grew 43 per cent to US$322 million, handily beating analysts expectations as vehicle production increased.

On a per share basis, the Aurora, Ont.-based company — which reports in U.S. dollars — earned $1.30 per share in the first quarter of 2011, topping estimates of $1.16 per share, according to Thomson Reuters.

That was up from $224 million or 99 cents per share in the comparable period a year ago.

The company also raised its 2011 outlook and anticipates total sales to be between $27.1 billion and 28.5 billion, up from an earlier projection between $24.8 billion and 26.3 billion.

Shares in the company gained 1.9 per cent, or 94 cents to $49.40 Wednesday on the Toronto Stock Exchange .

The quarterly results included a $9 million writedown on a real estate asset, while the 2010 results included a $14 million gain from the sale of one of its plants.

Revenue increased 34 per cent to $7.2 billion, up from $5.4 million in the year ago period.

Vehicle production grew 17 per cent in North America and 10 per cent in Western Europe compared to the first quarter of 2010.

“The key reasons for the continued strengthening of North American light vehicle production are improving auto sales in the region, coupled with dealer inventories that are below long-term historical averages,” the company said in a release.

Total vehicle assembly sales grew 51 per cent to $674 million, compared to $446 million for the first quarter of 2010.

It added that its sales in the rest of the world increased 69 per cent, a key driver of growth as the company diversifies away from its two main markets.

“We are currently expanding in a number of regions included in our Rest of World segment, and expect continued strong sales growth in this segment,” the company said.

Magna said the earthquake and tsunami in Japan will continue to disrupt global vehicle production throughout the year, though it said the impact of the disruptions has not had a material impact on its results nor does is expect it to in the future.

Magna has over 96,000 employees at 256 plants and 82 product development, engineering and sales centres around the world.

Frank Stronach, the tool and die maker who went on to build a multibillion dollar international auto parts empire, stepped down as Magna chairman after the company’s annual meeting Wednesday in Markham, Ont.

Stronach, who was re-elected as a director, will be given the title of founder and honorary chairman. The board also appointed two new independent directors Kurt Lauk and William Young at the general meeting.

The company eliminated its former dual-class voting share structure in a deal with Stronach last year. Stronach still owns or controls about 10.6 million Magna shares and 2.7 million options.

Stronach, 78, will continue to serve as a consultant to the company, a role that rewarded him handsomely in 2010 when the company reported a profit of $973 million. The Austrian-born Stronach arrived in Canada as a teenager and went from working on the shop floor to forging Magna into a company with $24 billion in sales.

Earlier this year, Stronach and other top shareholders agreed to give up control of MI Developments, the real estate company that owns many of the factories used by Magna.

Under that deal, MI Developments (TSX:MIM.A) agreed to transfer ownership of a number of U.S. horse race tracks as well as the associated real-estate and gaming business to Stronach as well as about $20 million in cash to operate the business

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Magna International (TSX:MG) Q1 earnings grow 43 per cent

VANCOUVER, BRITISH COLUMBIA – (May 4, 2011) Clearlease Reports Auto parts giant Magna International Inc. (TSX:MG) says its first-quarter earnings grew 43 per cent to US$322 million, handily beating analysts expectations as vehicle production increased.

On a per share basis, the Aurora, Ont.-based company — which reports in U.S. dollars — earned $1.30 per share in the first quarter of 2011, topping estimates of $1.16 per share, according to Thomson Reuters.

That was up from $224 million or 99 cents per share in the comparable period a year ago.

The company also raised its 2011 outlook and anticipates total sales to be between $27.1 billion and 28.5 billion, up from an earlier projection between $24.8 billion and 26.3 billion.

Shares in the company gained 1.9 per cent, or 94 cents to $49.40 Wednesday on the Toronto Stock Exchange .

The quarterly results included a $9 million writedown on a real estate asset, while the 2010 results included a $14 million gain from the sale of one of its plants.

Revenue increased 34 per cent to $7.2 billion, up from $5.4 million in the year ago period.

Vehicle production grew 17 per cent in North America and 10 per cent in Western Europe compared to the first quarter of 2010.

“The key reasons for the continued strengthening of North American light vehicle production are improving auto sales in the region, coupled with dealer inventories that are below long-term historical averages,” the company said in a release.

Total vehicle assembly sales grew 51 per cent to $674 million, compared to $446 million for the first quarter of 2010.

It added that its sales in the rest of the world increased 69 per cent, a key driver of growth as the company diversifies away from its two main markets.

“We are currently expanding in a number of regions included in our Rest of World segment, and expect continued strong sales growth in this segment,” the company said.

Magna said the earthquake and tsunami in Japan will continue to disrupt global vehicle production throughout the year, though it said the impact of the disruptions has not had a material impact on its results nor does is expect it to in the future.

Magna has over 96,000 employees at 256 plants and 82 product development, engineering and sales centres around the world.

Frank Stronach, the tool and die maker who went on to build a multibillion dollar international auto parts empire, stepped down as Magna chairman after the company’s annual meeting Wednesday in Markham, Ont.

Stronach, who was re-elected as a director, will be given the title of founder and honorary chairman. The board also appointed two new independent directors Kurt Lauk and William Young at the general meeting.

The company eliminated its former dual-class voting share structure in a deal with Stronach last year. Stronach still owns or controls about 10.6 million Magna shares and 2.7 million options.

Stronach, 78, will continue to serve as a consultant to the company, a role that rewarded him handsomely in 2010 when the company reported a profit of $973 million. The Austrian-born Stronach arrived in Canada as a teenager and went from working on the shop floor to forging Magna into a company with $24 billion in sales.

Earlier this year, Stronach and other top shareholders agreed to give up control of MI Developments, the real estate company that owns many of the factories used by Magna.

Under that deal, MI Developments (TSX:MIM.A) agreed to transfer ownership of a number of U.S. horse race tracks as well as the associated real-estate and gaming business to Stronach as well as about $20 million in cash to operate the business

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Magna International (TSX:MG) Q1 earnings grow 43 per cent

VANCOUVER, BRITISH COLUMBIA – (May 4, 2011) Clearlease Reports Auto parts giant Magna International Inc. (TSX:MG) says its first-quarter earnings grew 43 per cent to US$322 million, handily beating analysts expectations as vehicle production increased.

On a per share basis, the Aurora, Ont.-based company — which reports in U.S. dollars — earned $1.30 per share in the first quarter of 2011, topping estimates of $1.16 per share, according to Thomson Reuters.

That was up from $224 million or 99 cents per share in the comparable period a year ago.

The company also raised its 2011 outlook and anticipates total sales to be between $27.1 billion and 28.5 billion, up from an earlier projection between $24.8 billion and 26.3 billion.

Shares in the company gained 1.9 per cent, or 94 cents to $49.40 Wednesday on the Toronto Stock Exchange .

The quarterly results included a $9 million writedown on a real estate asset, while the 2010 results included a $14 million gain from the sale of one of its plants.

Revenue increased 34 per cent to $7.2 billion, up from $5.4 million in the year ago period.

Vehicle production grew 17 per cent in North America and 10 per cent in Western Europe compared to the first quarter of 2010.

“The key reasons for the continued strengthening of North American light vehicle production are improving auto sales in the region, coupled with dealer inventories that are below long-term historical averages,” the company said in a release.

Total vehicle assembly sales grew 51 per cent to $674 million, compared to $446 million for the first quarter of 2010.

It added that its sales in the rest of the world increased 69 per cent, a key driver of growth as the company diversifies away from its two main markets.

“We are currently expanding in a number of regions included in our Rest of World segment, and expect continued strong sales growth in this segment,” the company said.

Magna said the earthquake and tsunami in Japan will continue to disrupt global vehicle production throughout the year, though it said the impact of the disruptions has not had a material impact on its results nor does is expect it to in the future.

Magna has over 96,000 employees at 256 plants and 82 product development, engineering and sales centres around the world.

Frank Stronach, the tool and die maker who went on to build a multibillion dollar international auto parts empire, stepped down as Magna chairman after the company’s annual meeting Wednesday in Markham, Ont.

Stronach, who was re-elected as a director, will be given the title of founder and honorary chairman. The board also appointed two new independent directors Kurt Lauk and William Young at the general meeting.

The company eliminated its former dual-class voting share structure in a deal with Stronach last year. Stronach still owns or controls about 10.6 million Magna shares and 2.7 million options.

Stronach, 78, will continue to serve as a consultant to the company, a role that rewarded him handsomely in 2010 when the company reported a profit of $973 million. The Austrian-born Stronach arrived in Canada as a teenager and went from working on the shop floor to forging Magna into a company with $24 billion in sales.

Earlier this year, Stronach and other top shareholders agreed to give up control of MI Developments, the real estate company that owns many of the factories used by Magna.

Under that deal, MI Developments (TSX:MIM.A) agreed to transfer ownership of a number of U.S. horse race tracks as well as the associated real-estate and gaming business to Stronach as well as about $20 million in cash to operate the business

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk



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