Magna’s Net Income Jumps 47%

Magna International Inc. reports its net income surged to US$470 million in the third quarter of 2014 from $319 million in the same period last year.

Revenue for the giant Canadian supplier rose 6% to $8.8 billion. Adjusted earnings before interest and taxes jumped 36% to $605 million.

Magna's contract assembly business built 32,000 vehicles, down 5% year on year. But revenue climbed 9% to $740 million.

The company anticipates full-year sales in 2014 of $29.8 billion-$30.7 billion, with 60% of the total coming from North America.