Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 
HomeAll newsMost read newsBusiness Leaders Biography 
Birthday : 09/06/1932
Place of birth : Weiz - Austria
Biography : Dr. Frank Stronach is Chairman at Awesome Again Racing Corp., Chairman at Macho Uno Racing Corp., Pr

Magna Founder Stronach Steps Down from Board; 3rd-Quarter Profit Jumps

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/08/2012 | 01:24pm CEST
     By Judy McKinnon 
 

Magna International Inc. (MGA) said Thursday its founder, Frank Stronach, is stepping down from its board, effective immediately.

Mr. Stronach will remain honorary chairman of the Canadian auto-parts giant.

"It has been two years since control of Magna has changed hands and, in that time, I have become involved in numerous activities outside of the automotive industry. One of these activities involves politics in Austria and I do not want my political views to be confused with my role on Magna's board," Mr. Stronach said in a statement.

Separately, Magna said its third-quarter profit nearly quadrupled, helped in part by a gain related to its E-Car Systems Partnership purchase, while sales climbed 6%.

Third-quarter earnings rose to $390 million, or $1.66 a share, from $102 million, or 42 cents, a year earlier. Results in the latest quarter included a gain of 53 cents a share related to the purchase of a stake in Magna E-Car Systems Partnership, while expenses in the year-ago quarter reduced earnings by 52 cents a share.

Stripping out the gain in the latest quarter, results were still ahead of the Thomson Reuters mean estimate of $1.02 a share.

Third-quarter sales rose 6% to $7.41 billion, ahead of the $7.04 billion analysts expected.

The company updated its outlook for the year and now projects 2012 total sales of $30.3 billion to $31.2 billion, ahead of its most recent forecast for $29 billion to $30.5 billion. Complete vehicle assembly sales for the year are forecast at $2.4 billion to $2.6 billion.

Write to Judy McKinnon at judy.mckinnon@dowjones.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news about Frank Stronach 
1  2  3  4  5  6  7  8  9  10Next

Advertisement
Most Read News 
09/20 GEORGE SOROS : Billionaire Soros to invest $500 mln to help migrants, refugees
09/20 WARREN BUFFETT : Buffett investing deputy Combs joins JPMorgan board
09/22 DANIEL LOEB : BOJ move will be 'positive' for markets
09/21DJMARK ZUCKERBERG : Zuckerberg Family Fund to Invest $3 Billion in Research Technology
09/21DJCARL ICAHN : Top Energy Stories Of The Day
09/19DJCARL ICAHN : Carl Icahn Sells More Than Half of Chesapeake Stake
09/20DJCARL ICAHN : Top Equities Stories of the Day
More news

Popular Business Leaders 
William Ackman Alan Armstrong Jeff Bezos Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Paul Bulcke Tim Cook Philippe Dauman Michael Dell Jamie Dimon Jack Dorsey Patrick Drahi John Edwards Larry Ellison Klaus Engel Sergio Ermotti Mario Greco Herbert Hainer David Henry Carl Icahn R. Johnson Li Ka-shing Ian King Jack Ma Marissa Mayer Lakshmi Mittal Dennis Muilenburg Rupert Murdoch Elon Musk Xavier Niel Wolfgang Porsche Sumner Redstone Manfred Schneider Charles Schwab Masayoshi Son George Soros Ulrich Spiesshofer Rupert Stadler Robert Stewart John Stumpf Bernard Tapie Tidjane Thiam Peter Thiel Hans Vestberg François Villeroy De Galhau Andrew Witty Dieter Zetsche
A-Z Business Leaders