- Magna International Inc. cut its outlook for the year as it lowered its expectations for auto production and reported sales in its latest quarter fell compared with a year ago. The auto parts company, which reports in U.S. dollars, says it now expects a profit this year between US$1.9 billion and $2.1 billion, compared with earlier expectations for between $2.1 billion and $2.3 billion. Magna earned $660 million or $1.83 per diluted share in the first quarter of 2018. Article Continued BelowOn an adjusted basis, the company says it earned $1.63 per diluted share, down from $1.84 per diluted share in the same quarter last year. Sales in the quarter totalled $10.59 billion, down from $10.79 billion a year earlier.

Source: thestar May 09, 2019 10:59 UTC