Post by
retiredcf on May 06, 2021 8:33am
Earnings
Magna International Inc reported a 136% rise in quarterly profit and raised its full-year revenue outlook, as strong demand for vehicles encouraged its customers to order more body structures, chassis and powertrains. Magna’s revenue for the year is now expected to be between US$40.2-billion and US$41.8-billion, up from a previous forecast of $40.0 billion to $41.6 billion. Net income attributable to Magna rose to US$615-million, or US$2.03 per share, in the first quarter ended March 31, from US$261-million, or 86 US cents per share, a year earlier.
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