Magna reports Q3 profit and sales up
November 8, 2018 – Magna International Inc. reported its third-quarter profit grew compared with a year ago as revenue also climbed higher, but the auto parts maker trimmed the outlook for the year.
The Ontario-based company, which keeps its books in U.S. dollars, says it earned US$554 million or $1.62 per share for the quarter ended Sept. 30, up from $512 million or $1.38 per share a year ago.
Revenue totalled nearly $9.62 billion, up from $8.86 billion in the same quarter last year.
However, Magna lowered its expectations for 2018 light vehicle production in North America to 17 million units, compared with its earlier forecast of 17.2 million.
The forecast for European production was lowered to 22.5 million from 22.6 million.
In its outlook, the company now expects total sales between $40.3 billion and $41.4 billion this year, down from between $40.3 million and $42.5 billion.
Magna also lowered its profit expectations for 2018 to between $2.3 billion and $2.4 billion, compared with its earlier forecast of between $2.3 billion and $2.5 billion.
News from © The Canadian Press Enterprises 2018
Product Safety & Liability Prevention Seminar
August 7-8, 2019
Digital Industry USA
September 10-12, 2019
EMO Hannover 2019
September 16-21, 2019
Autonomous Mobile Robot Conference
September 17, 2019
International Metrology Congress
September 24-26, 2019