Magna International Inc. (TSE:MG), North America’s largest auto-parts supplier, rose in morning trade after posting a higher second-quarter profit boosted by strong demand in North America and continued recovery in Europe.
Shares climbed 2.6 percent to $118.94 at 9:36 a.m. in Toronto. The stock had risen about 32 percent this year through yesterday.
Net income attributable to the company rose $510 million, or $2.32 per share, in the April-to-June period, from $415 million, or $1.78 per share, a year earlier, the Aurora, Ontario-based company said in a statement today.
Excluding restructuring charges, earnings were $2.37 per share, above analysts' estimate of $2.26.
Sales rose 5.6 percent to $9.46 billion during the quarter, ahead of the $9.36 billion analysts had predicted.
The company attributed the growth in sales to increases in North American, European and Asian production sales, partially offset by lower Rest of World production sales, complete vehicle assembly sales and tooling, engineering and other sales.
North American production sales climbed 10 percent, while European and Asian production sales improved 4 percent and 23 percent, respectively. Rest of world production sales were down 33 percent.
Magna said its complete vehicle assembly sales were slightly lower at $793 million in the latest quarter, while complete vehicle assembly volumes fell 11 percent to about 34,000 units.
Looking ahead, the company raised its full-year sales forecast to $35.6 billion-$37.3 billion from $34.9 billion-$36.6 billion.
Magna also declared a quarterly dividend of $0.38 for the quarter, payable on September 12 to shareholders of record on August 29.
Manga is a global automotive supplier with more than 13,000 employees at 317 manufacturing sites and 83 product development, engineering and sales centers in 29 countries.
Reported by Proactive Investors 1 day ago.
Shares climbed 2.6 percent to $118.94 at 9:36 a.m. in Toronto. The stock had risen about 32 percent this year through yesterday.
Net income attributable to the company rose $510 million, or $2.32 per share, in the April-to-June period, from $415 million, or $1.78 per share, a year earlier, the Aurora, Ontario-based company said in a statement today.
Excluding restructuring charges, earnings were $2.37 per share, above analysts' estimate of $2.26.
Sales rose 5.6 percent to $9.46 billion during the quarter, ahead of the $9.36 billion analysts had predicted.
The company attributed the growth in sales to increases in North American, European and Asian production sales, partially offset by lower Rest of World production sales, complete vehicle assembly sales and tooling, engineering and other sales.
North American production sales climbed 10 percent, while European and Asian production sales improved 4 percent and 23 percent, respectively. Rest of world production sales were down 33 percent.
Magna said its complete vehicle assembly sales were slightly lower at $793 million in the latest quarter, while complete vehicle assembly volumes fell 11 percent to about 34,000 units.
Looking ahead, the company raised its full-year sales forecast to $35.6 billion-$37.3 billion from $34.9 billion-$36.6 billion.
Magna also declared a quarterly dividend of $0.38 for the quarter, payable on September 12 to shareholders of record on August 29.
Manga is a global automotive supplier with more than 13,000 employees at 317 manufacturing sites and 83 product development, engineering and sales centers in 29 countries.
Reported by Proactive Investors 1 day ago.