Magna reports $503M profit

Magna International Inc. earned US$503 million in its third-quarter as its sales climbed seven per cent.

The Ontario-based auto parts company, which keeps its books in U.S. dollars, says the profit amounted to US$1.36 per diluted share for the quarter ended Sept. 30.

That compared with a profit of $503 million or $1.29 per diluted share a year ago when the company had more shares outstanding.

Sales totalled $9.5 billion, up from $8.85 billion.

The company says the increases came as European light vehicle production grew eight per cent and North American light vehicle production fell seven per cent compared with a year ago.

In its outlook, Magna says it now expects total sales for 2017 to come in at $38.3 billion to $39.5 billion. That compared with an earlier forecast for $37.7 billion to $39.4 billion.

Magna has manufacturing operations and product development, engineering and sales centres around the world.

More Business News

Data from CryptoCompare
Recent Trending
Okanagan Oldies
Castanet Proud Member of RTNDA Canada
Press Room