By Adriano Marchese
Magna International shares jumped in early trading Friday after the company reported better-than-expected earnings and sales in the third quarter thanks to rising global light vehicle production.
At 9:43 a.m. ET, shares trading in Toronto were 10% higher at 74.14 Canadian dollars ($53.97).
Early Friday, the Canadian auto-parts manufacturer posted net income of $394 million, or $1.37 a share, up from $289 million, or $1 a share a year earlier.
Excluding one-off items and costs, adjusted earnings came in at $1.46 a share. According to FactSet, analysts were expecting $1.31 a share.
Sales rose to $10.69 billion from $9.27 billion, beating analyst expectations of a rise to $10.28 billion.
Magna benefited from global light vehicle production around the world increasing. In particular, light vehicle production increased 4% in total, where 7% and 14% higher production came from North America and Europe, respectively, while production fell 2% in China.
Write to Adriano Marchese at adriano.marchese@wsj.com
Read the full article here
