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Magna’s Second-Quarter Profits Fall 28%

Magna International Inc. posted a slight decline in revenue and a 28% drop in net income for the second quarter of 2019.
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Magna International Inc. posted a slight decline in revenue and a 28% drop in net income for the second quarter of 2019.

Revenue dipped 1% to $10.1 billion in April-June. Adjusted net income fell to $452 million from $626 million in the same period last year. Adjusted pretax earnings fell 16% to $677 million.

Magna says second-quarter results were slightly better than expected. The company left its forecast for full-year net income unchanged but trimmed its sales outlook by $200 million to about $40 billion.

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