TORONTO — Magna International Inc. cut its guidance for its full year as it reported net income attributable to the company of US$484 million for its third quarter, up from US$394 million a year earlier.
The Ontario-based auto parts company, which keeps its books in U.S. dollars, says the profit amounted to US$1.68 per diluted share for the three months ended Sept. 30, compared with US$1.37 per diluted share a year earlier.
Sales for the quarter totalled US$10.28 billion, down from US$10.69 billion in the same quarter last year.
On an adjusted basis, Magna says it earned US$1.28 per diluted share, down from an adjusted profit of US$1.46 per diluted share a year earlier.
In its outlook, Magna says it now expects total sales for 2024 between US$42.2 billion and US$43.2 billion, compared with earlier expectations for between US$42.5 billion and US$44.1 billion.
The company, which reduced its expectations for light vehicle production around the world, also says it now expects adjusted net income attributable to Magna of US$1.45 billion to US$1.55 billion for 2024, down from earlier guidance for between US$1.5 billion and US$1.7 billion.
This report by The Canadian Press was first published Nov. 1, 2024.
Companies in this story: (TSX:MG)
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