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

Article by Christian Andrei, 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

Login or Create new account to add a comment!

Recommended

Retired Formula 1 driver Jenson Button has just received his brand new McLaren MSO 675LT Spider. This was confirmed after McLaren Beverly Hills posted a picture on its official Instagram...
by - January 24, 2017
Ford and Toyota have come together in the hopes of standardizing their vehicles’ smartphone integration system. The open-source platform is said to compete with Google Android Auto and Apple CarPlay...
by - January 24, 2017
The race to autonomous driving has been dictated by the need to make the road safer and reduce the incidents of vehicle crashes. Several major carmakers in the world have...
by - January 24, 2017
The Shooting Brake is probably the least rendered body shape in the automotive world. But it’s also the most sought after design among car nuts for its unique, old-fashioned charm....
by - January 23, 2017
Perhaps to make the upcoming Valentine’s day more special, Tinder dating app and Ford UK have cooked up a special blind date for all the single blokes and chicks in...
by - January 23, 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