Magna boosts sales and profit, beats analyst estimates in fourth quarter
AURORA, Ont. - Canadian autoparts manufacturer Magna International (TSX:MG) reports a big boost in sales and profit for the fourth quarter that beat analyst estimates.
The Ontario-based company, which is one of the largest autoparts makers in the world, says its North American arm was responsible for the growth.
Magna's net income was up 12.5 per cent from the year-earlier period, rising to US$351 million from US$312 million in the fourth quarter of 2011.
The Ontario-based company also had a double-digit increase in sales, which rose by nearly 11 per cent to US$8 billion from $7.251.
Magna's earnings were $1.49 per share, up from $1.32, and on an adjusted basis, Magna had $1.67 per share of profit.
The adjusted earnings were 48 cents per share above the consensus estimate and sales were about $300 million above the consensus.