Magna 1st quarter profits up 44%
May 16, 2011
Magna International Inc reported better than expected 1st quarter profits of $322 million, up 44% on the same period in 2010, with sales up by 34% to $7.2 billion. Magna is said to be the world’s No.3 automotive parts supplier and the company attributed the gains to big increases in vehicle production in Europe and North America.
Complete vehicle assembly sales increased 51% to $674 million for the first quarter of 2011 compared to $446 million for the first quarter of 2010, while complete vehicle assembly volumes increased 85% to approximately 33,000 units.
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