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:


Login or Create new account to add a comment!


Tesla is making sure that all models under production will receive the necessary advanced hardware that will allow them to be autonomously driven. The fitment of these advanced hardware to...
by - October 27, 2016
Wondering how fast the 2017 Chevrolet Camaro ZL1 in actual driving? To provide customers a good idea on how fast the 2017 Camaro ZL1 could really get, Chevrolet recently had...
by - October 27, 2016
So, it is official! The new Honda Clarity FCV has the longest verified range of any zero-emissions vehicle currently on the road in the United States. One of the main...
by - October 27, 2016
Many have been anticipating Mercedes-Benz Vans’ newest luxury pickup truck, the X-Class. While Mercedes-Benz has yet to reveal the official production version of the X-Class, it was kind enough to...
by - October 27, 2016
We’ve seen quite a lot of intriguing stories in the age of Internet (where the most interesting part was revealed before the story unfolds). Some are from movies and novels...
by - October 26, 2016