Magna reports Q3 profit, sales up from last year

Canadian auto parts maker Magna International Inc. reported its third-quarter 2014 profits grew to US$470 million, up from US$319 million a year ago, as the auto industry saw production gains in both North America and Europe.

Aurora, Ont.-based Magna’s sales increased to US$8.82 billion, up from US$8.34 billion in the same quarter last year as vehicle production increased eight per cent in North America and four per cent in Europe.

According to Magna, the overall increase in revenue came as North American and Asian production sales, complete vehicle assembly sales and tooling, engineering and other sales increased.

Meanwhile, Magna said its European and rest of world operations saw production sales fall compared with the same quarter last year.

In its outlook for 2014, the company narrowed its forecast for total sales to between US$35.8- to US$37 billion, compared with its second-quarter outlook of US$35.6- to US$37.3 billion. Total production sales are now expected to be between US$29.8- and US$30.7 billion, while complete vehicle assembly sales are forecast between US$3.1- and US$3.3 billion.