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Magna Profits Rise 4% as Revenue Drops
Magna International Inc. posted net income from continuing operations of US$538 million in the second quarter compared with $519 million in the same period last year.
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Magna International Inc. posted net income from continuing operations of US$538 million in the second quarter compared with $519 million in the same period last year.
The negative impact of about $890 million in unfavorable exchange rates swung the Canadian supplier's April-June revenue from a 1% gain to a 9% decline to $8.1 billion. The company also reports its complete vehicle assembly volume dropped 17% to about 28,500 units, lowering revenue from that business 8%.
But the company expects growth in full-year results, thanks to continued strong vehicle production in North America and a slight increase in output by Europe's carmakers. Magna predicts its full-year operating margin this year will be about 8%, up slightly from its previous guidance.
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