Log in
Login
Password
Remember
Lost 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 & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 
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

11/08/2012 | 07:24am US/Eastern
     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

React to this article
Latest news about Frank Stronach 
1  2  3  4  5  6  7  8  9  10Next

Advertisement
Most Read News 
07/21 WARREN BUFFETT : Buffett says reports that he bought Greek island 'a total fabrication'
07/23DJRANDALL STEPHENSON : Why AT&T Chief Randall Stephenson Needs a Slam Dunk
07/22DJKURT BOCK : Chief Executive Kurt Bock's Appointment Extended to 2021
07/22DJCARL ICAHN : Trump Entertainment Loses Bid to Silence Union Campaign
07/24 JEFF BEZOS : Amazon.com CEO Bezos up $8 billion, down $4 billion on stock swing
07/21 CHARLES ERGEN : Harbinger sues Dish, Ergen over LightSquared, seeks $1.5 billion
07/24DJDAVID CORDANI : Anthem Agrees to Buy Cigna for $48 Billion--2nd Update
More news

Popular Business Leaders 
Jean-michel Aulas Ernesto Bertarelli Vincent Bolloré Martin Bouygues Richard Branson Warren Buffett Stéphane Courbit Serge Dassault Jean-claude Decaux David Einhorn Larry Ellison Pierre Fabre Bill Gates Carl Icahn Steve Jobs Li Ka-shing Kirk Kerkorian Arnaud Lagardère Maurice Lévy Lakshmi Mittal Rupert Murdoch Nelson Peltz François-henri Pinault Ferdinand Piëch Lee Shau Kee Carlos Slim George Soros Donald Trump Alain Weill Guy Wyser-pratte
A-Z Business Leaders