Magna Internationals Q2 profit falls 28 as sales revenue and volumes decline

AURORA, Ont. — Magna International Inc.’s second-quarter profit fell 28 per cent to US$452 million as the auto parts maker experienced lower operating margins and higher expense items compared with last year.Net income, reported in U.S. currency, amounted to $1.42 per share while revenue was US$10.13 billion. That was down from $626 million or $1.77 per share with $10.28 billion of revenue in last year’s second quarter.Adjusted net income fell to $509 million or $1.59 per share, from $590 million or $1.67 per share.Magna says its overall results were better than internal estimates, although its seating segment was below expectations due to launch costs and inefficiencies at a new facility.Analysts had estimated $9.88 billion of revenue and $488.8 million or $1.53 per share of adjusted net income, according to financial markets data firm Refinitiv. Companies in this story: (TSX:MG)The Canadian Press