The Ontario auto-parts supplier said Friday that it earned net income of US$394 million in the three months ending Sept. 30, up from US$289 million in the same period last year. Sales rose 15 per cent year over year, despite losing US$50 million in sales due to the United Auto Workers’ strike, which lasted from Sept. 15 to Oct. 30. Its shares closed up about 8.5 per cent Friday on the Toronto Stock Exchange. (The Logic)
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The Ontario auto-parts supplier said Friday that it earned net income of US$394 million in the three months ending Sept. 30, up from US$289 million in the same period last year. Sales rose 15 per cent year over year, despite losing US$50 million in sales due to the United Auto Workers’ strike, which lasted from Sept. 15 to Oct. 30. Its shares closed up about 8.5 per cent Friday on the Toronto Stock Exchange. (The Logic)
Talking point: Automakers have provided gloomy outlooks in recent weeks. But Magna bucked the trend, raising its 2023 adjusted net-income forecast to between US$1.55 billion to US$1.65 billion, up from its previous range of US$1.4 billion to US$1.6 billion. The forecast includes the expectation that Magna lost about $310 million in total during the strike, executives said on an earnings call. Despite automakers warning of an EV slowdown, CEO Swamy Kotagiri said Magna hasn’t seen any significant cancellations. The firm views electrification as an “irreversible trend” that’s here to stay, but it’s hard to predict how soon the transition will come.
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