Auto parts maker Magna International sees Q2 net income hit US$328 million
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.
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Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.