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August 11, 2014

CANADA: Magna Q2 net income up 22% to US$510m

Magna has posted second quarter net income up 22% to US$510m with sales of US$9.46bn, an increase of 6% compared to last year.

Magna has posted second quarter net income up 22% to US$510m with sales of US$9.46bn, an increase of 6% compared to last year.

Vehicle production increased 3% in North America and 2% in Europe, both relative to the second quarter of 2013.

In the second quarter of 2014, Magna’s North American, European and Asian production sales increased, while Rest of World production sales, complete vehicle assembly sales and tooling, engineering and other sales decreased, in each case relative to the comparable quarter in 2013.

Complete vehicle assembly sales fell to US$793m for the second quarter of 2014 compared to US$796m for the second quarter of 2013, while complete vehicle assembly volumes decreased 11% to around 34,000 units.

During the second quarter of 2014, income from operations before income taxes was US$692m, while net income attributable to Magna International  was US$510m.

Net income for the six months ending 30 June this year rose from US$784m to US$903m.

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