Magna posts ‘record sales’ on strong Q2 N.A. auto production
A seven per cent jump in North American vehicle production offset weakness in Europe.
AURORA, Ont.—Magna International Inc. posted net income of $415 million in the second quarter, compared to $349 million in the same quarter last year.
The Aurora, Ont.-based auto parts giant says record sales of $8.96 billion in the quarter were up 16 per cent over the same period of 2012.
The company credits a seven per cent rise in North American vehicle production during the three-month period while European production dipped one per cent.
Magna says complete vehicle assembly sales increased 23 per cent to $796 million in the quarter while complete vehicle assembly volumes increased 17 per cent to approximately 39,000 units.
Magna has 123,000 employees at 314 manufacturing operations and 89 product development, engineering and sales centres in 29 countries.