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ReprintsMagna posts profit, ends four quarters of losses
November 5, 2009 - 5:27 pm ET
UPDATED: 11/5/09 6:22 p.m. ET
TORONTO (Reuters) -- Magna International Inc. posted a $51 million profit after four straight quarters of losses, benefiting from cost reductions as sales fell. North America's largest auto-parts supplier, whose deal to take a big stake in General Motors Co.'s Opel unit fell through this week, reported third-quarter earnings of 45 cents a share. A year earlier, Magna had a net loss of $215 million, its first unprofitable quarter in 17 years. Revenue fell 16 percent to $4.67 billion, the company said in a statement today. Analysts on average had been expecting a loss of 19 cents a share, on revenue of $4.53 billion, according to Thomson Reuters I/B/E/S. |
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