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Magna takes big hit in second quarter from COVID-19 auto production shutdowns

from Canadian Manufacturing

Magna takes big hit in second quarter from COVID-19 auto production shutdowns Canadian Manufacturing Magna International Inc. says COVID-19 shutdowns of automotive production caused a $1.2 billion drop in its earnings and $5.5 billion hit to sales in the second quarter. The autoparts maker says the impact was far worse than the quarterly declines during the 2008-2009 financial crisis as it lost $647 million or $2.17 per diluted share in the second quarter, compared with a profit of $452 million or $1.42 per share a year earlier. READ MORE

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