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Magna Boosts Profit, Hikes Full-Year Outlook
Canada's Magna International Inc. hiked its net profit to US$415 million in the second quarter of this year from $349 million a year earlier.
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Canada's Magna International Inc. hiked its net profit to US$415 million in the second quarter of this year from $349 million a year earlier.
Revenue climbed 16% to a record $9 billion.
The Aurora, Ont.-based company raised its full-year sales forecast for the second time since May the latest is a $700 million increase to a range of $33.3 billion to $34.7 billion. Magna generated revenue of $30.8 billion in 2012.
In the April-June period, the company's parts sales rose 10% to $4.3 billion in North America and 14% to $2.6 billion in Europe. Analysts say Magna's notable gain in the weak European market reflects the supplier's business with the continent's strongest carmakers, such as BMW, Daimler and Volkswagen.
The company's quarterly revenue from vehicle assembly surged 23% to $796 million on a 17% volume jump to 39,000 units.
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