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Magna Posts Record Sales, 23% Profit Hike
Magna International Inc.'s net income surged to US$510 million in April-June from $415 million in the same quarter of 2013.
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Magna International Inc.'s net income surged to US$510 million in April-June from $415 million in the same quarter of 2013. Sales grew 6% to US$9.5 billion.
The Canadian supplier's pretax operating income soared 27% to $692 million in the second quarter. Adjusted earnings before interest and taxes climbed 30% to $710 million. EBIT in Asia more than doubled to $42 million.
Magna's quarterly sales rose 10% to $4.8 billion in North America, 4% to $2.7 billion in Europe and 23% to $402 million in Asia. Revenue fell by one-third to $163 million in the rest of the world.
The company's contract vehicle-assembly business was flat at $793 million in the second quarter, even though unit production dropped 11% to 34,300.
Magna increased its full-year guidance sales forecast 2% to a range of $35.8 billion-$37.3 billion. The company bumped up its operating margin estimate from "mid-6%" to "high-6%" range.
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