Decoma Reports Higher First Quarter Profits

Autoparts Report, May 22, 2002

Decoma International Inc. said that its first quarter earnings improved on stronger North American auto sales and lower interest charges. Decoma said its earning per share stood at $23.9 million, or 27 cents a share, in the quarter ended March 31, up from $15 million, or 20 cents a share, in the year-earlier period.

Decoma, which is 99 percent controlled by Magna International, said in a statement that sales rose to $497.1 million in the quarter, from $444.1 million. The company forecast second-quarter earnings per share between 24 cents and 32 cents on sales between $490 million and $525 million.

It said 2002 earnings per share were likely to come in between 85 cents and $1, excluding other income, on sales between $1.85 billion and $2 billion.