Magna’s Q2 net income down 27.8% y/y, to USD452 million
Company revises full–year 2019 financial outlook
Magna’s net income declined 27% year-over-year (y/y) to USD452 million in the second quarter ended 30 June 2019, the leading Canadian automotive supplier said in a press release on 8 August. Sales declined marginally, by 1% y/y, to USD10.1 billion. Excluding foreign exchange translations and divestitures net of acquisitions, Magna’s sales were up 5% y/y, against 6% decline in the global light vehicle production. The company recorded income before income taxes of USD595 million, down 27.3% y/y.