Canadian Manufacturing

Ontario-based Magna sees $510M in Q2 net income

Magna posted record sales of $9.46 billion in quarter—increase of six per cent over same period last year



AURORA, Ont.—Magna International Inc. says it made $510 million in net income during the second quarter of the year, or $2.32 per diluted share.

That compares to net income of $415 million, or $1.78 per diluted share, in the same period a year ago.

Magna, based in Aurora, Ont., also reports it posted record sales of $9.46 billion in the quarter—an increase of six per cent over the same period last year.

The sales increase came during a period which saw vehicle production increase three per cent in North America and two per cent in Europe.

Magna’s complete vehicle assembly sales fell to $793 million in the quarter compared to $796 million a year ago.

The Magna board of directors declared a quarterly dividend of 38 cents for the quarter ended June 30.

The dividend is payable on Sept. 12, 2014.

Manga is a global automotive supplier with more than 13o,000 employees at 317 manufacturing sites and 83 product development, engineering and sales centres in 29 countries.

 

Story edited August 11 to correct number of employees from 13,000 to 130,000

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