AURORA, Ont. — Magna International Inc. says it expects its sales this year will be weighed down by a stronger U.S. dollar and the sale of its fluid pressure and controls business.
The Ontario-based auto parts maker, which keeps its books in U.S. dollars, says it expects total sales of US$40.2 billion to $42.4 billion for 2019.
Magna expects net income for the year to total $2.1 billion to $2.3 billion.
“Our outlook to 2021 anticipates continued growth in total sales … compared to 2018 despite our expectation of relatively level light vehicle production across our major end markets of North America and Europe during this same outlook period,” the company said in a statement Tuesday.
Capital spending for 2019 is forecast to be about $1.7 billion.
Magna signed a deal in September to sell its fluid pressure and controls business to Hanon Systems, a South Korea-based company, for roughly $1.23 billion.
The deal is expected to close in the first quarter of 2019.