top executive says the six-week autoworkers’ strike in the United States cost the parts maker $310-million in sales as the industry production fell by 220,000 vehicles.
The third-quarter results, which beat expectations, sent Magna’s share price soaring by 14 per cent in Friday morning trading on the Toronto Stock Exchange. Magna, based in Aurora, Ont., on Friday posted a profit of US$394-million, or US$1.37 a share, compared with US$289-million in the same quarter a year ago.
The UAW strike affected targeted factories of the three Detroit-based carmakers, Ford Motor Co. Stellantis and General Motors Co. All are large buyers of Magna’s components. The strikes ended about a week ago when negotiators reached tentative deals that must be finalized in ratification votes.