Canadian auto parts maker Magna International Inc. reported a better-than-expected quarterly profit on Friday, helped by lower costs.
The company said it continues to expect lower sales in 2020, amid the coronavirus outbreak in China, which makes up about 5 per cent of its annual sales. Other North American peers including BorgWarner Inc. and Visteon Corp. are already struggling due to weak automotive demand in a slowing Chinese economy, where production has been hit by the epidemic.
Magna, which makes parts such as body structures, chassis and powertrain for customers including Ford Motor and Volkswagen, said its cost of goods sold fell 7.2 per cent to US$8.09 billion in the fourth quarter.Net income attributable to Magna fell to US$440 million in the fourth quarter ended Dec. 31 from US$456 million a year earlier.
The company earned US$1.41 per share in the quarter, above average analysts’ estimate of US$1.33 per share, according to IBES data from Refinitiv.
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