TORONTO, Nov 5 (Reuters) - Cost reductions and restructuring at auto-parts maker Magna International Inc led it to a quarterly profit, versus expectations of a loss, but its sales slid 16 percent due to lower production at North American and European automakers.
The Canadian company, whose deal to take a big stake in General Motors Co's European operations fell through this week, reported on Thursday net income of $51 million, or 45 cents a share, in the third quarter. That compares with a net loss of $215 million, or $1.93 a share, a year earlier.
Sales fell 16 percent to $4.67 billion.
Analysts on average had been expecting a loss of 19 cents a share, on revenue of $4.53 billion, according to Thomson Reuters I/B/E/S.
Magna reported its results after market close. Its shares ended the day down 27 Canadian cents, or 0.6 percent at C$47.07 on the Toronto Stock Exchange.
The stock rose 10.1 percent on Wednesday after the deal with GM fell through.
($1=$1.07 Canadian)
(Reporting by John McCrank; editing by Peter Galloway) Keywords: MAGNA/ (john.mccrank@thomsonreuters.com; +1 416 941 8083; Reuters Messaging: john.mccrank.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Canadian company, whose deal to take a big stake in General Motors Co's European operations fell through this week, reported on Thursday net income of $51 million, or 45 cents a share, in the third quarter. That compares with a net loss of $215 million, or $1.93 a share, a year earlier.
Sales fell 16 percent to $4.67 billion.
Analysts on average had been expecting a loss of 19 cents a share, on revenue of $4.53 billion, according to Thomson Reuters I/B/E/S.
Magna reported its results after market close. Its shares ended the day down 27 Canadian cents, or 0.6 percent at C$47.07 on the Toronto Stock Exchange.
The stock rose 10.1 percent on Wednesday after the deal with GM fell through.
($1=$1.07 Canadian)
(Reporting by John McCrank; editing by Peter Galloway) Keywords: MAGNA/ (john.mccrank@thomsonreuters.com; +1 416 941 8083; Reuters Messaging: john.mccrank.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.