Magna not planning to take over any other car manufacturers
By Andrew C., 26 Aug, 2010. 0 Comments
Magna Logo
After four consecutive quarters of losses, Magna International Inc. appeared to benefit from cost reductions and posted a $51 million profit. Magna, North America 's largest auto-parts supplier, has been on the news a lot because of its attempt to take a big stake in General Motors Co.'s Opel unit. However, this plan fell through with GM deciding to hang on to Opel. Magna reported third-quarter earnings of 45 cents a share. The year before, Magna suffered a net loss of $215 million, its first unprofitable quarter in 17 years. In a statement made recently, Magna stated that revenue dropped 16 percent to $4.67 billion. According to Thomson Reuters I/B/E/S, analysts on average had been expecting a loss of 19 cents a share, on revenue of $4.53 billion. [via autonews]
Latest Auto Shows
