Magna International, Inc. (MGA, MG-A.TO) reported that its third-quarter net earnings were US$51 million, compared to a loss of US$215 million in the same quarter last year. On a per share basis, net income for the quarter was US$0.45, compared to a loss of US$1.93 in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report a loss of US$0.19 per share. Analysts' estimates typically exclude special items.
Sales for the quarter were US$4.67 billion, compared to US$5.53 billion in the prior year quarter. Ten analysts had consensus revenue estimate of US$4.53 billion for the quarter.
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