Magna eyes big profits

Photo: The Canadian Press

Magna International Inc. says it expects to earn $2.3 billion to $2.5 billion this year.

In its guidance for 2018, the auto parts 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 amounted 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.