Company said third-quarter profit grew to US$470 million as auto industry saw production grow in North America, Europe
AURORA, Ont.—Auto parts maker Magna International Inc. said its third-quarter profit grew to US$470 million as the auto industry saw production grow in North America and Europe.
The company said the profit amounted to US$2.19 per diluted share in its quarter ended Sept. 30, up from US$319 million or US$1.39 per diluted share a year ago.
Sales increased to US$8.82 billion, up from US$8.34 billion in the same quarter last year as vehicle production increased eight per cent in North America and four per cent in Europe, Magna said.
The company said the overall increase in revenue came as North American and Asian production sales, complete vehicle assembly sales and tooling, engineering and other sales increased.
Meanwhile, Magna said its European and rest of world operations saw production sales fall compared with the same quarter last year.
In its outlook for 2014, the company narrowed its forecast for total sales to between US$35.8- to US$37 billion compared with its second-quarter outlook of US$35.6- to US$37.3 billion.
Total production sales are now expected to be between US$29.8- and US$30.7 billion, while complete vehicle assembly sales are forecast between US$3.1- and US$3.3 billion.
That compared with earlier expectations for US$29.8- to US$31.1 billion and US$3- to $3.3 billion, respectively.
Magna is one of the world’s largest auto parts makers with more than 300 factories around the world.