Magna sales climb boosts 2017 fore­cast

On­tario auto-parts maker ex­pects to­tal sales to in­crease after suc­cess­ful third quar­ter

Toronto Star - - MARKETPLACE -

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.

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