Magna International Inc. says it earned US$289 million in its third quarter, up from US$11 million in the same quarter last year.
The auto parts maker, which keeps its books in U.S. dollars, says the profit amounted to $1 per diluted share for the quarter ended Sept. 30, compared with four cents per diluted share last year.
Sales increased to US$9.27 billion compared with US$7.92 billion in 2021.
On an adjusted basis, Magna says it earned US$1.07 per diluted share, up from 56 cents per diluted share a year ago.
Analysts on average had expected an adjusted profit of US$1.09 per share and US$9.16 billion in revenue, according to financial markets data firm Refinitiv.
Magna CEO Swamy Kotagiri says the company managed through an operating environment that remains challenged by ongoing production schedule volatility and elevated energy costs in Europe.
“We continue to take steps to address the short-term industry turbulence as well as operating inefficiencies at certain facilities, while remaining focused on our go-forward strategy and value creation,” he said in a statement.
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