Magna reports $339 million in net income in Q2 as sales hit $11 billion

Magna International Inc. says it recorded a net income of US$339 million in its latest quarter.

The auto parts manufacturer, which keeps its books in U.S. dollars, says its second-quarter net income compared with a loss of US$156 million a year ago, when it incurred a non-cash impairment charge related to Russian investments.

The results for the period ended June 30 amounted to earnings of US$1.18 per diluted share compared with a loss of 54 cents per diluted share a year before.

Adjusted net income hit US$430 million or $1.50 per diluted share, up from US$243 million or 83 cents per diluted share a year earlier.

Sales were just shy of US$11 billion, up from US$9.3 billion a year ago.

The company attributed the sales boost to higher global production and new programs across its complete vehicles business.