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Magna Lowers Outlook as Sales Set Record High
Magna International Inc.’s second-quarter sales and earnings climbed 12% and 13%, respectively, in April-June.
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Magna International Inc.’s second-quarter sales and earnings climbed 12% and 13%, respectively, in April-June.
But the Canadian supplier has lowered its forecast for new-vehicle production in North America by 100,000 units. The company also trimmed its full-year revenue forecasts by $600 million to about $40.4 billion, citing tariffs and a stronger U.S. dollar. The company adds that growth in its transmission ventures in China and Europe has been slower than anticipated.
Magna’s net earnings for the period climbed to C$636 million ($487 million) from $561 million ($429 million). Adjusted pretax earnings grew 6% to a record C$803 million ($615 million).
Second-quarter sales revenue expanded to C$10.3 billion ($7.9 billion) from $9.1 billion.
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