Canadian auto parts maker Magna's profit drops 18 pct

Wed Nov 6, 2013 5:09am EST
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Nov 6 (Reuters) - Canadian auto parts manufacturer Magna International Inc reported an 18 percent drop in quarterly profit, hurt by restructuring charges.

The company's net income fell to $319 million, or $1.39 per share, in the third quarter ended Sept. 30 from $390 million, or $1.66 per share, a year earlier.

The charges reduced net profit by $33 million, or 14 cents per share.