Magna International has reported sales of $7.7bn for the second quarter ended 30 June 2012, an increase of 5%, compared to $7.3bn for the same period in 2011.
For the second quarter of 2012, the company's net income totaled $349m, or $1.48 diluted earnings per share, compared to $282m, or $1.15 diluted earnings per share, for the same period prior year.
The company's second-quarter sales in North America rose 11% to $3.91bn, while North American vehicle production volumes climbed 28%.
Sales in Europe decreased to $2.25bn for the quarter while vehicle production volumes dropped 7% in Western Europe.
Complete vehicle assembly sales decreased 11% to $645m for the quarter, compared to $728m for the same period last year.
Magna CEO Don Walker said, " We expect hybrid and electric vehicle (H/EV) production to continue to grow globally in the future, and we believe that Magna stands to benefit from this trend by supplying H/EV components, systems and engineering services to our customers."
