Auto parts maker Magna International sees quarterly net income hit US$328 million

Magna International Inc. MG-T 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.