Magna reports $339M in net income as Q2 sales hit $11B
Magna attributed the sales boost to higher global production and new programs across its complete vehicles business.
Magna International Inc. says it recorded a net income of US$339 million in its latest quarter.
The auto parts manufacturer, which keeps its books in U.S. dollars, says its second-quarter net income compared with a loss of US$156 million a year ago, when it incurred a non-cash impairment charge related to Russian investments.
The results for the period ended June 30 amounted to earnings of US$1.18 per diluted share compared with a loss of 54 cents per diluted share a year before.
Adjusted net income hit US$430 million or $1.50 per diluted share, up from US$243 million or 83 cents per diluted share a year earlier.
Sales were just shy of US$11 billion, up from US$9.3 billion a year ago.
The company attributed the sales boost to higher global production and new programs across its complete vehicles business.
