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Magna Posts Record Second-Quarter Results
Magna International Inc. reports its revenue and net income in April-June grew 3% to US$9.7 billion and 1% to $561 million, respectively.
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Magna International Inc. reports its revenue and net income in April-June grew 3% to US$9.7 billion and 1% to $561 million, respectively. Both were record highs for the period.
The Canadian mega-supplier says sales in North America advanced 1% to $5.4 billion in the second quarter, even though vehicle production in the region declined 3% to 4.45 million units. Revenue in Europe climbed 3% to $3.6 billion in spite of a 1% drop in vehicle production to 5.84 million units.
The company’s contract vehicle business grew 14% to $743 million in the second quarter. The increase was driven by the launch of BMW 5 Series sedan production at the supplier’s Magna Steyr unit in Graz, Austria.
Magna increased its full-year outlook for revenue to an average $38.6 billion from its previous guidance of $37.5 billion.
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