Magna beats expectations with profit boost as light vehicle production ramps up
By The Canadian Press on November 3, 2023.
Magna International Inc. is reporting a jump in profits and revenues for its third quarter, beating analyst expectations. The auto parts manufacturer, which keeps its books in U.S. dollars, says net income leaped 36 per cent to US$394 million in the quarter ended Sept. 30 from US$289 million in the same period last year. Magna says sales rose 15 per cent to US$10.69 billion last quarter from US$9.27 billion the year before. On an adjusted basis, diluted earnings jumped to US$1.46 per share from US$1.10 per share. The one-third increase far exceeded analyst expectations of US$1.32 per share, according to financial markets data firm Refinitiv. The Aurora, Ont.-based company says its profit growth stems from the launch of new programs over the past year, higher light vehicle production across the globe and price increases to cover rising production costs. This report by The Canadian Press was first published Nov. 3, 2023. Companies in this story: (TSX:MG) 9-8
