August 9, 2012 / 9:43 PM / 5 years ago

Magna posts higher profit on record sales

TORONTO, Aug 9 (Reuters) - Magna International Inc, one of the world’s biggest auto parts manufacturers, reported a big jump in quarterly profit on Thursday, as sales rose 5 percent.

Magna said its second-quarter earnings rose to $349 million, or $1.48 a share, compared with profit of $282 million, or $1.15 a share, in the same period last year.

Revenue increased to $7.7 billion from $7.3 billion in the period ended June.

Analysts, on average, had expected earnings of $1.28 a share and revenue of $7.5 billion, according to Thomson Reuters I/B/E/S.

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