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Nov 9, 2017

Magna profit tops estimates on strong Europe, Asia demand

Magna International

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Canadian auto parts maker Magna International Inc's (MG.TO) profit topped analysts' estimates, helped by strong demand in Europe and Asia, and the company raised its full-year sales forecast.

The company said it now expects 2017 total sales of US$38.3 billion to US$39.5 billion, compared with its previous forecast of US$37.7 billion to US$39.4 billion.

Magna, which also assembles cars under contract from motor vehicle manufacturers, counts General Motors Co (GM.N), Volkswagen AG (VLKAY.PKL), BMW (BMWYY.PK) and Ford Motor Co (F.N) as its biggest customers.



Magna said sales in Europe rose 14.2 per cent to US$2.50 billion and sales in Asia rose five per cent to US$576 million, lifting up its total sales by 7.3 per cent to US$9.50 billion.

On an adjusted basis, the company reported a profit of US$1.37 per share, beating the average analyst estimate of US$1.32, according to Thomson Reuters I/B/E/S.

Net income attributable to Magna was flat at US$503 million for the quarter ended Sept. 30.

However, on a per-share basis it rose to US$1.36 from US$1.29 a year earlier as the latest quarter saw a drop in the number of shares outstanding.