Magna International reports US$305M Q3 profit, sales up from year ago

Magna International Inc. reported US$305 million in net income attributable to the company, down from US$484 million in the same quarter last year. The auto parts company, which keeps its books in U.S. dollars, says the profit amounted to US$1.08 per diluted share for the quarter ended Sept. 30 compared with US$1.68 per diluted share a year earlier. Sales for the quarter totalled US$10.46 billion, up from US$10.28 billion in the same quarter last year. On an adjusted basis, Magna says it earned US$1.33 per diluted share in its most recent quarter, up from an adjusted profit of US$1.28 per diluted share a year earlier. In its outlook, Magna says it now expects company sales for 2025 to total between US$41.1 billion and US$42.1 billion compared with earlier guidance for between US$40.4 billion and US$42.0 billion. Adjusted net income attributable to the company is expected to be between US$1.45 billion and US$1.55 billion compared with earlier guidance for between US$1.35 billion and US$1.55 billion.