Money: Magna reports Q3 profit up, trims forecast - PressFrom - Canada
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MoneyMagna reports Q3 profit up, trims forecast

20:10  08 november  2018
20:10  08 november  2018 Source:   msn.com

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- Magna International Inc. reported its third -quarter profit grew compared with a year ago as revenue also climbed higher, but the auto parts maker trimmed Sumitomo Mitsui stuck to its forecast for a full-y ear net profit of 220 billion yen. The StarMine SmartEstimate, which predicts earnings by putting

Magna reported its third -quarter profit grew compared with a year ago as revenue also climbed higher, but the auto parts maker trimmed However, Magna lowered its expectations for 2018 light vehicle production in North America to 17 million units, compared with its earlier forecast of 17.2 million.

Magna reports Q3 profit up, trims forecast© Provided by thecanadianpress.com Magna International Inc. logo is seen prior to the company's annual general meeting to begin in Toronto on Friday, May 10, 2013.

AURORA, Ont. - Magna International Inc. reported its third-quarter profit grew compared with a year ago as revenue also climbed higher, but the auto parts maker trimmed the outlook for the year.

The Ontario-based company, which keeps its books in U.S. dollars, says it earned US$554 million or $1.62 per share for the quarter ended Sept. 30, up from $512 million or $1.38 per share a year ago.

Revenue totalled nearly $9.62 billion, up from $8.86 billion in the same quarter last year.

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09:41 11 november 2018 Source: cbc.ca. Magna reports Q 3 profit up , trims forecast . The forecast is calling for increasing cloudiness during the day, with 40 km/h westerly winds gusting up to 70 km/h. As the sun fades into the afternoon, temperatures will drop.

Magna International Inc. reported its third -quarter profit grew compared with a year ago as revenue also climbed higher, but the auto parts maker trimmed 30, up from 2 million or .38 per share a year ago. Revenue totalled nearly .62 billion, up from .86 billion in the same quarter last year.

However, Magna lowered its expectations for 2018 light vehicle production in North America to 17 million units, compared with its earlier forecast of 17.2 million.

The forecast for European production was lowered to 22.5 million from 22.6 million.

In its outlook, the company now expects total sales between $40.3 billion and $41.4 billion this year, down from between $40.3 million and $42.5 billion.

Magna also lowered its profit expectations for 2018 to between $2.3 billion and $2.4 billion, compared with its earlier forecast of between $2.3 billion and $2.5 billion.

Companies in this story: (TSX:MG)

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