Saturday, November 22nd1.5°C
24157
23372

Auto parts company Magna International posts higher Q1 net profit and sales

AURORA, Ont. - Magna International Inc. (TSX:MG) reported a first-quarter profit of US$393 million and raised its sales outlook for the year, helped by increased sales in North America and Europe.

The auto parts maker said the profit amounted to US$1.76 per diluted share for the company, which keeps its books in U.S. dollars. In the same quarter last year, Magna earned $369 million, or $1.57 per diluted share.

Analysts on average expected earnings per share of $2.05, according to estimates compiled by Thomson Reuters.

The company had sales of $8.96 billion in the quarter, compared with $8.3 billion in the same quarter of last year.

In its outlook, Magna said its sales are now expected to total between $34.9 billion and $36.6 billion, up from earlier guidance for sales between $33.8 billion and $35.5 billion.

The increase came as Magna raised its outlook for vehicle production in North America and Europe.

It now expects North American production to total about 16.8 million units, while Europe is expected to produce about 19.5 million. That compared with earlier expectations for 16.7 million and 19.3 million respectively.

"In the first quarter of 2014, our North American, European, and Asian production sales, as well as tooling, engineering and other sales and complete vehicle assembly sales all increased, while our rest of world production sales declined, each relative to the comparable quarter in 2013, the company said in a news release on Thursday.

Last month, Magna announced it would create 75 new jobs with a $1.5-million expansion of a plant in Newmarket, Ont.

The company's Magna Closures unit is expanding its Dortec manufacturing plant to produce electronic control modules for power closure and roof systems.

The plant is also expected to produce a new electronic side-door latch that will be lighter and cost less.

The Canadian Press


Read more Business News

22899


Recent Trending




Today's Market
S&P TSX15111.13+35.95
S&P CDNX789.135.56
DJIA17810.0691.06
Nasdaq4712.97+11.102
S&P 5002063.50+10.75
CDN Dollar0.8901-0.0002
Gold1201.50+10.60
Oil76.72+0.87
Lumber331.50+4.50
Natural Gas4.236-0.253

 
Okanagan Companies
Pacific Safety0.155-0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.30+0.03
Cantex0.04+0.005
Anavex Life Sciences0.178+0.008
Metalex Ventures0.03+0.005
Russel Metals31.62+0.82
Copper Mountain Mining2.24+0.06
Colorado Resources0.125-0.015
ReliaBrand Inc0.013-0.002
Sunrise Resources Ltd0.050.00
Mission Ready Services0.35+0.015

 
23744


22970

FEATURED Property
21306151329 Mountainview Street
4 bedrooms 2 baths
$379,900
more details
Click here to feature your property
Please wait... loading


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...


Be quiet already!

No, you’re not crazy. There really are voices in your head. Voices that keep you from doing what you need to do during your customer care calls. It can be the voice of your teachers, your parent...

_



24207

24158


Member of BC Press Council


22842