Auto parts maker Magna’s quarterly profit slumps 80% on higher costs By Reuters

(Reuters) – Magna International (NYSE:) Inc reported a nearly 80% slump in its quarterly profit on Friday, as the Canadian auto parts maker struggled with higher costs for labor and energy on the back of volatile auto production schedules.

Net income attributable fell to $95 million, or $0.33 per share in the fourth quarter ended Dec. 31, from $464 million, or $1.54 per share, a year earlier.