Canadian auto parts maker Magna's sales drop 7 pct

Friday, May 08, 2015

Canadian auto parts maker Magna International Inc reported a 7 percent drop in quarterly sales, hurt by a stronger dollar.

However, net income attributable to Magna rose to $465 million, or $1.12 per share, in the first quarter ended March 31 from $393 million, or 88 cents per share, a year earlier.

Sales fell to $8.33 billion from $8.96 billion.