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Magna International Q2 profit falls YOY

Magna International Inc. said its second-quarter normalized net income came to $1.01 per share, compared with the S&P Capital IQ consensus estimate of $1.18 per share.

In the prior-year period, the per-share result came in at a profit of $1.02.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $421.1 million, a decrease of 5.8% from $446.9 million in the year-earlier period.

The normalized profit margin increased to 5.2% from 5.0% in the year-earlier period.

Total revenue fell 8.7% on an annual basis to $8.13 billion from $8.91 billion, and total operating expenses decreased 8.9% from the prior-year period to $7.51 billion from $8.24 billion.

Reported net income rose on an annual basis to $535.9 million, or $1.29 per share, from $518.3 million, or $1.18 per share.