(RTTNews) - Magna International Inc. (MG.TO, MGA) announced the company expects total sales of $36.0 - $37.7 billion for 2017. Total production sales are anticipated to be in the range of $30.4 - $31.7 billion for the year. The company expects EBIT margin of approximately 8% for the fiscal year.
For 2019, Magna International projects total sales in a range of $43.5 - $46.2 billion. Total production sales are anticipated to be in a range of $34.1 - $36.0 billion, for fiscal 2019. Magna projects strong free cash flow generation over next three years.
"We have made good progress in improving our margins over the last number of years. We believe there is potential for further margin progress by 2019, across each of our reporting segments. We expect to translate our sales growth, margins and solid returns into strong free cash flow generation over the next three years," said Vince Galifi, Magna's CFO.