Record sales for Magna in Q2 2014

Auto parts maker Magna International Inc. reported $510 million in net income during the second quarter of the 2014, up from $415 million in the same period a year ago.

Aurora, Ont.-based Magna also posted record sales of $9.46 billion in the quarter – an increase of six per cent over the same period last year.

The sales increase came during a period which saw vehicle production increase three per cent in North America and two per cent in Europe.

Magna’s complete vehicle assembly sales fell to $793 million in the quarter compared to $796 million a year ago.

The Magna board of directors declared a quarterly dividend of 38 cents for the quarter ended June 30.

Magna is a global automotive supplier with more than 13,000 employees at 317 manufacturing sites and 83 product development, engineering and sales centres in 29 countries.