(Toronto) Magna International raised its full-year sales and profit guidance on Friday as it posted first-quarter profit down and sales up 11% from the same period. last year.
The auto parts company said its net profit was $209 million, or 73 cents per share, for the quarter ended March 31, down from $364 million, or US$1.22 per share, a year earlier.
Sales totaled US10.67 billion, down from US9.64 billion for the first three months of 2022.
The company attributed the increase to a 3% growth in global light motor vehicle production. This increase was 8% in North America and 7% in Europe.
On an adjusted basis, Magna earned US$1.11 per share, down from US$1.28 per share in the same period last year.
In its outlook for the full year, the company said it now expects total sales of between US$40.2 billion and US$41.8 billion, compared to its previous forecast targeting sales of between 39.6 billion US and 41.2 billion US. Magna’s net profit is expected to be between $1.3 billion and $1.5 billion, rather than between $1.1 billion and $1.4 billion, as previously forecast.