Magna International posts a third-quarter profit on the strength of its sales

Article by Christian A., on November 5, 2010

Because of rising global auto production, Magna International was able to post a third-quarter profit on the strength of its sales. Its earnings totaled $241 million in the third quarter, a significant increase from $51 million a year ago.

Revenue rose by 27% to $5.9 billion while its per-share earnings were $2.06. Thomson Reuters I/B/E/S said that analysts had estimated that Magna will earn $1.52 a share on revenue of $5.4 billion.

In addition, Magna also revealed a two-for-one stock split of its outstanding common shares to be implemented through a stock dividend, which is payable on Nov. 24. If regulators approve it, shareholders will receive one additional common share of Magna for each common share held.

It’s likely that Magna’s common shares will start trading on Nov. 12 on a split basis on the Toronto market and on Nov. 26 on the New York Stock Exchange.

Magna released its results after the market closed. So far this year, its shares have gained about 85%. On Automotive News’ list of the biggest suppliers to North America, Magna is ranked No. 1, with $8.16 billion in sales of original equipment parts in the region last year. [via autonews - sub. required]

Topics: magna, profit

If you liked the article, share on:

Comments

Recommended

British luxury automaker Aston Martin celebrates its new partnership with the Henley Royal Regatta sporting event by designing a one-off DB11 sports car that they recently revealed. The car explores...
by - June 28, 2017
The 2018 Dodge Challenger SRT Hellcat as we know, is the Demon's less powerful sibling, and there’s nothing wrong with that. But have you ever imagined how it would look...
by - June 28, 2017
Sorry Uber, but Handsome Cabs taxi company has something no one else can offer - a Lamborghini Huracan that can take their clients from Point A to Point B. This...
by - June 28, 2017
BMW saw a potential oil leak on the new M760Li, prompting them to recall the said vehicle last April. Today, a little over two months after issuing the first recall,...
by - June 28, 2017
Without a doubt, the SUV segment is getting increasingly more saturated. This month alone, we were greeted with city-oriented SUVs from the Kia Stonic to the Hyundai Kona, and now...
by - June 27, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries