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Magna profit up 23 per cent on record sales

Magna CEO Don Walker speaks during the company's annual shareholder meeting in Toronto, May 8, 2014. The company’s second-quarter profit is up 23 per cent over the same period last year.

AARON HARRIS/REUTERS

Magna International Inc. says it made $510-million in net income during the second quarter of the year, or $2.32 per diluted share.

That compares to net income of $415-million, or $1.78 per diluted share, in the same period a year ago.

Magna, based in Aurora, Ont., also reports it posted record sales of $9.46-billion in the quarter – an increase of 6 per cent over the same period last year.

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The sales increase came during a period which saw vehicle production increase 3 per cent in North America and 2 per cent in Europe.

Magna's complete vehicle assembly sales fell to $793-million in the quarter compared to $796-million a year ago.

On Thursday, the Magna board of directors declared a quarterly dividend of 38 cents for the quarter ended June 30. The dividend is payable on Sept. 12, 2014.

Manga is a global automotive supplier with more than 130,000 employees at 317 manufacturing sites and 83 product development, engineering and sales centres in 29 countries.

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