News Column

Magna International sees $510 million in Q2 net income

August 8, 2014

The Canadian Press

AURORA, Ont. - Magna International Inc. (TSX:MG) says it made $510 million in net income during the second quarter of the year, or $2.32 per diluted share.

That compares to net income of $415 million, or $1.78 per diluted share, in the same period a year ago.

Magna, based in Aurora, Ont., also reports it 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.

On Thursday, the Magna board of directors declared a quarterly dividend of 38 cents for the quarter ended June 30. The dividend is payable on Sept. 12, 2014.

Manga 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.

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Source: Canadian Press DataFile

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