Magna International (TSE:MG) (NYSE:MGA), a Canadian auto parts maker and contract vehicle manufacturer, reported a 47 percent stronger-than-expected profit in the third quarter, boosted by high demand in North America. Shares gain.
Net income rose to $470 million, or $2.19 per share, in the July-to-September quarter, from $319 million, or $1.39 per share, a year earlier, the Aurora, Ontario-based company said in a statement today.
Excluding unusual items, earnings were $2.22 per share, above the $.97 average estimate of 16 analysts.
Third-quarter sales increased 6 percent to $8.820 billion from $8.338 billion year-over-year. Bay Street had expected revenue of $8.75 billion.
Magna has 312 manufacturing operations around the world, and more than 130,000 employees. The company, which counts car makers such as General Motors, Volkswagen AG , BMW and Ford Motor among its customers, has been pushing to improve efficiency in its European operations.
Complete vehicle assembly sales rose 9 percent to $740 million, while complete vehicle assembly volumes were down 5 percent to about 32,000 units.
North American and Asian production sales, complete vehicle assembly sales and tooling, engineering and other sales grew, while its European and Rest of World production sales decreased from last year, the company said.
In North America, from where the company gets about half of its total sales, Magna's vehicle production increased 8 percent and production sales rose 10 percent to $4.43 billion in the third quarter.
Moving forward, the company boosted its forecasts slightly for full-year 2014 light vehicle production to 17.0 million units in North America, from 16.9 million forecast previously, and to 20.2 million units in Europe, from 19.8 million.
It now expects total sales in the range of $35.8-$37.0 billion for the year. The forecast issued in August was for total sales to be in the range of $35.6 billion-$37.3 billion. Analysts are projecting sales of $36.46 billion.
Total production sales are currently estimated to be $29.8 billion to $30.7 billion, compared to the earlier guidance of $29.8 billion to $31.1 billion.
Also today, the company declared a quarterly dividend of $0.38, payable on December 12 to shareholders of record on November 28.
Magna’s U.S.-listed shares were up 5.7 percent at $102.52 at 9:39 a.m. in New York, stretching this year’s rally to 25 percent.
Reported by Proactive Investors 1 day ago.
Net income rose to $470 million, or $2.19 per share, in the July-to-September quarter, from $319 million, or $1.39 per share, a year earlier, the Aurora, Ontario-based company said in a statement today.
Excluding unusual items, earnings were $2.22 per share, above the $.97 average estimate of 16 analysts.
Third-quarter sales increased 6 percent to $8.820 billion from $8.338 billion year-over-year. Bay Street had expected revenue of $8.75 billion.
Magna has 312 manufacturing operations around the world, and more than 130,000 employees. The company, which counts car makers such as General Motors, Volkswagen AG , BMW and Ford Motor among its customers, has been pushing to improve efficiency in its European operations.
Complete vehicle assembly sales rose 9 percent to $740 million, while complete vehicle assembly volumes were down 5 percent to about 32,000 units.
North American and Asian production sales, complete vehicle assembly sales and tooling, engineering and other sales grew, while its European and Rest of World production sales decreased from last year, the company said.
In North America, from where the company gets about half of its total sales, Magna's vehicle production increased 8 percent and production sales rose 10 percent to $4.43 billion in the third quarter.
Moving forward, the company boosted its forecasts slightly for full-year 2014 light vehicle production to 17.0 million units in North America, from 16.9 million forecast previously, and to 20.2 million units in Europe, from 19.8 million.
It now expects total sales in the range of $35.8-$37.0 billion for the year. The forecast issued in August was for total sales to be in the range of $35.6 billion-$37.3 billion. Analysts are projecting sales of $36.46 billion.
Total production sales are currently estimated to be $29.8 billion to $30.7 billion, compared to the earlier guidance of $29.8 billion to $31.1 billion.
Also today, the company declared a quarterly dividend of $0.38, payable on December 12 to shareholders of record on November 28.
Magna’s U.S.-listed shares were up 5.7 percent at $102.52 at 9:39 a.m. in New York, stretching this year’s rally to 25 percent.
Reported by Proactive Investors 1 day ago.