CANADA: Magna International has better second quarter than expected, hikes profit guidance - report
Car parts maker Magna International reported a higher than expected rise in second-quarter profit on Wednesday and raised its earnings guidance for the full year, Reuters said. Magna reportedly said the results were driven by an 18% jump in sales and added that, while overall car sales were flat to weaker in the quarter, manufacturers used more of its parts in vehicles than a year earlier. According to Reuters, the company said net income rose to $174 million, or $1.76 a share, in the quarter ended June 30, from $159 million, or $1.63 a share, a year earlier, while sales rose to $3.85 billion from $3.27 billion.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-auto gives its paid members access to the very best automotive market coverage.
And now there’s just-auto plus, our premium membership that gives you exclusive component forecast data, company profiles and extended news coverage - just for premium members.
Today I can offer you 30 days access for $1 - and that includes just-auto plus.
Dave Leggett, editor of just-auto
* plus VAT if applicable