* Q3 EPS $0.42 vs $1.14 a year earlier * Sales rise 21 pct to $7 bln * Auto parts maker sees improvement in Europe next qtr * 2011 margin outlook cut to 4.75 pct, from 5 pct (Adds detail from conference call, margin forecast) TORONTO, Nov 3 (Reuters) - Magna International said on Thursday earnings dropped sharply even as revenue rose, reflecting one-time expenses as well as poor performance and rising costs at its European operations. Magna, one of the world's biggest auto parts ...
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