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Magna Reports Higher-Than-Expected Profit for the First Quarter


Today, April 10th, auto parts maker Magna International reported an increase for the first quarter higher than analysts’ estimates, thanks to strong sales in North America. Magna’s revenues increased 9%, and net income rose to $369 million ($1.57 per share) during the first quarter, compared with $343 million ($1.46 per share) in 2012. Sales increased 9% to $8.36 billion, compared with ...
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More Magna International articles

Russian Auto Output to Increase Risking Overcapacity
Analysts believe that Russian auto industry is close to reach the same overcapacity problem with which the rest of Europe confronts. The warning comes after Avtotor Holding formed a partnership in ...
Canada extends investment fund for auto industry for another 5 years
Canada's Prime Minister Stephen Harper announced the renewal of funding for the Canadian auto industry totaling 250 million Canadian dollars. The Automotive Innovation Fund allows manufacturers to apply for funding for ...
Magna Signs Deal With Avtotor Holding to Enter Russia
Canadian Magna International will enter the Russian market by teaming up with automaker Avtotor Holding. The auto-parts maker Magna International and Avtotor Holding will set up 6 full-cycle vehicle-assembly operations for ...
Infiniti cancels plan to have its compact model built by Magna Steyr
Infiniti, Nissan's luxury subsidiary, has cancelled plans to build its new front-wheel-drive compact car in Austria at the Magna Steyr plant. "Although we would have liked to see the assembly of ...
Magna International founder plans new Austrian party
Frank Stronach, the man behind Magna International Inc, one of the world's biggest auto parts manufacturers plans to launch a political party in Austria in September, Deutsche Wirtschafts Nachrichten reports. "The ...
Magna Reveals Profitable Q4 2011 as sales post big gains
Magna International Inc., the North America's largest automobile parts manufacturer reported a big jump in quarterly earnings on Thursday that easily beat analysts' expectations as vehicle production soared in North ...
Magna International request 600-million dollars from Porsche
According to an Austrian newspaper, Magna International wants at least $600-million ( ~ 400.000 million Euros ) in compensation from sports-car maker Porsche for cancelling a contract. Austrian newspaper WirtschaftsBlatt quoted ...
GM criticized for keeping Opel, doubts raised about sale
As General Motors' new board of directors became more immersed in the automaker's business, it began to question more and more the idea of selling off a majority stake in ...
Magna focusing on core business after Opel saga
Magna International Inc is not looking at taking over any other automakers following the collapse of its deal to buy a stake in General Motors Co's European operations, the auto ...

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