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Magna Hikes 2013 Outlook After Profit Increase
Canada's Magna International Inc. boosted net earnings to US$369 million in the January-April period this year from $343 million a year earlier.
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Canada's Magna International Inc. boosted net earnings to US$369 million in the January-April period this year from $343 million a year earlier. Revenue climbed 9% to $8.4 billion.
Sales rose 7% to $7.6 billion at Magna's auto components business and surged 33% to $798 million at its vehicle assembly unit. The company produced 37,400 vehicles under contract to carmakers in the first quarter, up 25% from the same period in 2012.
Magna hiked its full-year sales forecast by $600 million to a range of $32.6 billion to $34 billion.
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