Magna International Inc. says it recorded a net income of US$339 million in its latest quarter.
The auto parts manufacturer, which keeps its books in U.S. dollars, says its second-quarter net income compared with a loss of US$156 million a year ago, when it incurred a non-cash impairment charge related to Russian investments.
The results for the period ended June 30 amounted to earnings of US$1.18 per diluted share compared with a loss of 54 cents per diluted share a year before.
Adjusted net income hit US$430 million or $1.50 per diluted share, up from US$243 million or 83 cents per diluted share a year earlier.
Sales were just shy of US$11 billion, up from US$9.3 billion a year ago.
The company attributed the sales boost to higher global production and new programs across its complete vehicles business.
This report by The Canadian Press was first published Aug. 4, 2023.
Companies in this story: (TSX:MG)
The Canadian Press
