Magna sales increase 13% in third quarter

Magna joint venture with a Chinese company

Magna International has exceeded analysts' expectations

Income Magna International (TSX: MG) were ahead by 13 per cent in the third quarter from U.S. $ 7.4 billion to U.S. $ 8.3 billion.

The North America and Europe have both contributed to the revenue growth of the automobile business.

However, the net benefit of Magna slid to U.S. $ 319 million or $ 1.39 per share.

The quarter included restructuring charges of U.S. $ 33 million which subtracts 14 cents in earnings per share.

At the same time last year, Magna had displayed a non recurrent element that had inflated its quarterly to U.S. $ 390 million or $ 1.66 per share profit.

Magna has 312 factories and 87 development centers in 29 countries.