Breaking Finance News

Magna International Posts Big Earnings Beat

Magna International (NYSE: MGA) reported second-quarter EPS of $2.32 versus estimates $2.22, beating by $0.10. EPS were up 30% year over year. Revenue came in at $9.46 billion versus the estimated $9.36 billion. Sales were up 6% from the same quarter last year.

From the press release:

We posted record sales of $9.46 billion for the second quarter ended June 30, 2014, an increase of 6% over the second quarter of 2013. We achieved this sales increase in a period when vehicle production increased 3% in North America and 2% in Europe, both relative to the second quarter of 2013. In the second quarter of 2014, our North American, European and Asian production sales increased, while Rest of World production sales, complete vehicle assembly sales and tooling, engineering and other sales decreased, in each case relative to the comparable quarter in 2013.

Complete vehicle assembly sales decreased to $793 million for the second quarter of 2014 compared to $796 million for the second quarter of 2013, while complete vehicle assembly volumes decreased 11% to approximately 34,000 units.

Disclosure: At the time of this writing, the author had no position in the company mentioned.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with MarketBeat.com's FREE daily email newsletter.