Canadian parts giant Magna International Inc. on Friday reported a 36-per-cent year-over-year boost in third-quarter earnings as a more stable global supply chain more than offset the initial impact of the UAW strike.
Net income at Magna rose to $394 million in the quarter ended Sept. 30, up from $289 million a year earlier. Sales rose 15 per cent during that time to $10.69 billion. The raised outlook is based in part on higher new-vehicle production forecasts in Europe and China. The forecast includes an expected $255 million fourth-quarter sales loss because of the strike.
"They were tough conversations," Kotagiri said."They recognize we have been living in this tough environment of inflation and chip shortages and supply constraints over the last three years."