Magna International reported a narrower quarterly loss
By Andrew C., 27 Aug, 2010. 0 Comments
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Canadian auto parts supplier Magna International Inc. reported a narrower quarterly loss as it benefited from higher light vehicle production in North America and Europe. Notably, charges related to impairment continued to be felt by the company. In recent months, Magna has been on the news due to its failed bid to acquire Opel, the European unit of General Motor Co. In 2010, Magna expects total sales of $19 billion to $20 billion, based on light vehicle production volumes of about 10.5 million units in North America and about 11.4 million units in Europe. Magna's 2010 outlook made no assumptions on significant acquisitions or divestitures. In the fourth quarter, Magna reported a loss of $139 million, or $1.25 a share, compared with a loss of $148 million, or $1.33 a share, a year ago. Magna posted a net charge of $1.20 a share for the latest fourth quarter. Revenue came in at $5.42 billion, up 12%. [via autonews]
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