Auto parts giant Magna earns US$558 million in Q2

AURORA, Ont. – Magna International Inc. (TSX:MG) is reporting net income of US$558 million in the second quarter, a slight improvement for the Canadian auto parts giant compared with the same quarter a year ago.

The Aurora, Ont.-based company — which reports in U.S. currency — says diluted earnings per share were equal to $1.41, up from $538 million or $1.29 in the second quarter of 2015.

Magna says it posted sales of $9.4 billion in the quarter — up 16 per cent from $8.1 billion — while North American and European light vehicle production volume increased two per cent and six per cent respectively.

The company’s complete vehicle assembly sales increased seven per cent in the quarter compared to last year while complete vehicle assembly volumes fell nine per cent.

The quarterly results come a day after Magna’s board approved a quarterly dividend of 25 cents per share.

Magna is one of the world’s largest auto parts makers with more than 300 factories around the world.