UPDATE: Magna Reports 4% Decline In Q2 Earnings

Magna International Inc MGA reported a 4% drop in its second-quarter earnings. Magna reported its quarterly earnings at $282 million or $1.15 per share, down from $294 million, or $1.30 per share, in the year-ago period. Its sales came in at $7.34 billion, versus analysts' estimates of $7.0 billion. Magna projects 2011 total sales of $27.5 billion to $28.9 billion. Magna shares dropped 5.83% to close at $44.24 yesterday.