(Reuters) -Magna International Inc reported a nearly 80% slump in its quarterly profit on Friday, as the Canadian auto parts maker struggled with higher costs for labor, energy and from higher engineering costs related to its electrification and self-driving businesses.
Chip shortages, lost production and rising raw material costs have battered big auto parts and technology suppliers during 2022.
Magna, which makes parts such as body structures, chassis and powertrain for automakers including Ford Motor and Volkswagen, warned last month its profits would not meet its earlier expectations because of a number of issues including higher-than-expected warranty costs, lower sales and provisions for bills that customers might not pay.
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.
(Reporting by Kannaki Deka in Bengaluru; Editing by Sherry Jacob-Phillips and Maju Samuel)
