From Automotive News
Toronto, Ontario -- Auto parts maker Magna International said its third-quarter profit soared as sales benefited from rising global auto production.
North America's largest supplier said it earned $241 million in the third quarter, up from $51 million a year earlier. Revenue rose 27 percent to $5900 million.
Per-share earnings were $2.06. Analysts expected the Canadian company to earn $1.52 a share on revenue of $5400 million, according to Thomson Reuters I/B/E/S.
Magna also announced a two-for-one stock split of its outstanding common shares to be implemented by way of a stock dividend, payable on 24 Nov.
If approved by regulators, shareholders will receive one additional common share of Magna for each common share held.
The company's common shares are expected to begin trading on a split basis on the Toronto market 12 Nov, and on the New York Stock Exchange on 26 Nov.
Magna released its results after market close. The shares have gained about 85 percent so far this year.
Magna ranks No. 1 on the Automotive News list of the biggest suppliers to North America, with $8160 million in sales of original equipment parts in the region last year.
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