Magna International, based in Ontario, Canada, has posted record sales of $9.46 billion for the second quarter ended June 30, 2014, an increase of 6% over the second quarter of 2013.
During the second quarter of 2014, income from operations before income taxes was $692 million, net income attributable to Magna International Inc. was $510 million and diluted earnings per share were $2.32, increases of $149 million, $95 million and $0.54 respectively, each compared to the second quarter of 2013.
“We achieved this sales increase in a period when vehicle production increased 3% in North America and 2% in Europe, both relative to the second quarter of 2013. In the second quarter of 2014, our North American, European and Asian production sales increased, while Rest of World production sales, complete vehicle assembly sales and tooling, engineering and other sales decreased,” the company stated.
Magna also reported record sales of $18.43 billion for the six months ended June 30, 2014, an increase of 6% from the six months ended June 30, 2013. This higher sales level reflected increases in North American, European and Asian production sales, as well as complete vehicle assembly sales, partially offset by decreases in Rest of World production sales and tooling, engineering and other sales.
“Our success is primarily dependent upon the levels of North American and European car and light truck production by our customers and the relative amount of content we have on various programs,” the company added.