PLANT

Magna nets $15M in Q2

Sales driven by 7% rise in North American vehicle production.


AURORA, Ont. — Magna International Inc. says it took in net income of $415 million, or $1.78 per diluted share, in the second quarter, compared to $349 million, or $1.48 per share in the same quarter last year.

The Aurora, Ont.- based auto parts giant says it posted record sales of $8.96 billion in the quarter, an increase of 16% over the same period of 2012.

The company credits a 7% rise in North American vehicle production during the three-month period while European production dipped 1%.

Magna says complete vehicle assembly sales increased 23% to $796 million in the quarter while complete vehicle assembly volumes increased 17% to approximately 39,000 units.

Magna has 123,000 employees at 314 manufacturing operations and 89 product development, engineering and sales centres in 29 countries.

© 2013 The Canadian Press