Magna sales climb boosts 2017 forecast
Ontario auto-parts maker expects total sales to increase after successful third quarter
AURORA, ONT.— Magna International Inc. earned $503 million (U.S.) in its third quarter as its sales climbed 7 per cent.
The Ontario-based auto-parts company, which keeps its books in U.S. dollars, says the profit amounted to $1.36 per diluted share for the quarter ended Sept. 30.
That compared with a profit of $503 million or $1.29 per diluted share a year ago, when the company had more shares outstanding.
Sales totalled $9.5 billion, up from $8.85 billion.
The company says the increases came as European light vehicle production grew 8 per cent and North American light vehicle production fell 7 per cent compared with a year ago.
In its outlook, Magna says it now expects total sales for 2017 to come in at $38.3 billion to $39.5 billion. That compared with an earlier forecast for $37.7 billion to $39.4 billion.
Magna has manufacturing operations and product development, engineering and sales centres around the world.
Magna says European light vehicle production grew and North American light vehicle production fell compared with a year ago.