Auto parts maker Magna International sees Q2 net income hit US$328 million
By The Canadian Press on August 2, 2024.
AURORA, ONTARIO – Magna International Inc. says its second-quarter profit tumbled from a year ago to US$328 million. The Aurora, Ont.-based auto parts manufacturer, which keeps its books in U.S. dollars, says those earnings compared with US$354 million a year earlier. The results for the period ended June 30 amounted to US$1.09 per diluted share compared with US$1.18 a year ago. The company’s second-quarter sales totalled US$10.96 billion, making them almost unchanged from a year ago, when they amounted to US$10.98 billion. The company expects to close out the year with between US$42.5 billion and US$44.1 billion in sales. Its 2026 outlook expects sales between US$44 billion and US$46.5 billion. This report by The Canadian Press was first published Aug. 2, 2024. Companies in this story: (TSX:MG) 9-8
