Magna's third-quarter profit rises as sales edge lower

Magna net income, third quarter

383 US$ million

Magna earned US$383 million, or US$1.44 per diluted share, in the quarter ended Sept 30, up from US$305 million a year earlier.

Sales fell to US$10.06 billion from US$10.46 billion a year earlier. Magna says lower light vehicle production and divestitures explain the decline.

On an adjusted basis, Magna earned US$1.83 per share, up from US$1.33 a year earlier.