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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.



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