Magna revenue up 13% to US$8.3 billion in Q3 2013

Automotive parts maker Magna International reported stronger-than-expected third-quarter results amid strong growth in North American vehicle production and a modest improvement in Europe.

The Aurora, Ont.-based company’s revenue for the three-month period was up 13 per cent from last year, rising to US$8.3 billion from $7.4 billion, and about $100 million above analyst estimates.

Its revenue was helped by a four per cent rise in North American vehicle production and a one per cent increase in European production compared with a year earlier, Magna said in a statement.

Magna’s net earnings were down from last year’s third quarter when the company reported an unusual gain that pushed net income to US$390 million.

Magna has 312 manufacturing operations and 87 product development, engineering and sales centres in 29 countries.