Hi Pat: I read an article about Magna recently. It seems to have done well in spite of the problems in the auto sector. What do you think of it? Thanks.
Magna International, $57.79, symbol MG on Toronto (Shares outstanding: 233.5 million; Market cap: $13.5 billion; www.magna.com), is a leading global automotive supplier, with 305 manufacturing plants and 88 product-development, engineering and sales centres in 27 countries. Magna specializes in making vehicle components, such as chassis, interiors, exteriors, seats, electronics, mirrors and roof systems.
Magna continues to see steady demand for its products and services in North America. As well, its ongoing cost cuts are raising profit margins in Europe, despite ongoing weakness there. Emerging markets also offer growth opportunities.
In the three months ended December 31, 2012, Magna’s revenue rose 10.8%, to $8.0 billion from $7.3 billion a year earlier. Earnings per share rose 12.9%, to $1.49 from $1.32.
The company aims to expand beyond its traditional markets. For example it bought Germany-based Ixetic, which makes automotive pumps, in November 2012. That purchase came shortly after it took full control of a partnership that will make parts for electric cars.
Magna trades at…
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