Magna Profits Fall

Third-quarter sales by Magna International Inc. rose 13% to US$8.3 billion year on year, and adjusted earnings before interest and taxes surged 26% to $444 million.

But the Canadian supplier's net earnings dropped 18% to $319 million, hurt by $48 million in restructuring charges.

The company's contract vehicle assembly business rose to $680 million from $620 million in July-September 2012, as output climbed 16% to about 34,000 units.

Third-quarter adjusted EBIT advanced 11% to $365 million in North America and soared to $72 million from $13 million in Europe. EBIT slipped from $3 million to $2 million in the rest of the world.

Magna forecasts that light-vehicle production this year will total 16.1 million units in North America and 18.8 million units in Europe.