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Magna reports Q3 profit and sales up, trims forecast for full year

November 8, 2018 1:30 PM
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AURORA, ONT.—Magna International Inc. reported its third-quarter profit grew compared with a year ago as revenue also climbed higher, but the auto parts maker trimmed the outlook for the year.

The Ontario-based company, which keeps its books in U.S. dollars, says it earned $554 million (U.S.) or $1.62 per share for the quarter ended Sept. 30, up from $512 million or $1.38 per share a year ago.

However, Magna lowered its expectations for 2018 light vehicle production in North America to 17 million units, compared with its earlier forecast of 17.2 million.

In its outlook, the company now expects total sales between $40.3 billion and $41.4 billion this year, down from between $40.3 million and $42.5 billion.

Magna also lowered its profit expectations for 2018 to between $2.3 billion and $2.4 billion, compared with its earlier forecast of between $2.3 billion and $2.5 billion.

Also read: Loblaw Q3 profit down from a year ago as tax court ruling hits bottom line

Source: thestar.com

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