Magna International - reports disastrous results, stock currently halted.
Dividend suspended, stock will perhaps rallye nontheless -g-
finance.yahoo.com
We posted sales of $3.6 billion for the first quarter ended March 31, 2009, a decrease of 46% from the first quarter of 2008. This lower sales level was a result of decreases in our North American, European and Rest of World production sales, complete vehicle assembly sales, and tooling, engineering and other sales.
Complete vehicle assembly sales decreased 63% to $401 million for the first quarter of 2009 compared to $1,086 million for the first quarter of 2008, while complete vehicle assembly volumes declined 72% to approximately 12,043 units
During the first quarter of 2009, operating loss was $230 million, net loss was $200 million and diluted loss per share was $1.79, decreases of $516 million, $407 million and $ 3.57, respectively, each compared to the first quarter of 2008.
"Our Board of Directors yesterday voted to suspend our quarterly dividend with respect to our Class A Subordinate Voting Shares and Class B shares."
Stock currently halted on NYSE and TSE (last $43 / USD 37) |
