AURORA, Ontario (AP) __ AURORA, Ontario (AP) __ Magna International Inc. (MGA) on Friday reported second-quarter profit of $339 million.
On a per-share basis, the Aurora, Ontario-based company said it had net income of $1.18. Earnings, adjusted for non-recurring costs and pretax expenses, came to $1.50 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
The automotive supply company posted revenue of $10.98 billion in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $10.2 billion.
Magna expects full-year revenue in the range of $41.9 billion to $43.5 billion.
