Magna reports Q1 profit more than doubles from year ago

Photo: The Canadian Press

Magna International Inc. reported a first-quarter profit of US$615 million, up from US$261 million a year ago as its sales rose 18 per cent.

The Ontario-based auto parts company, which keeps its books in U.S. dollars, says its profit amounted to US$2.03 per diluted share, up from 86 cents per diluted share in the first three months of 2020.

Sales for the quarter totalled US$10.18 billion, up from $8.66 billion in the same quarter last year.

Magna says the increase came as global light vehicle production rose 18 per cent driven by an 87 per cent increase in China.

On an adjusted basis, Magna says it earned US$1.86 per diluted share, up from an adjusted profit of 86 cents per share last year.

In a revised outlook for the full year, the company says it now expects total sales between US$40.2 billion and US$41.8 billion, up from earlier guidance for between US40.0 billion and US$41.6 billion. Guidance for net income attributable to Magna was also increased to between US$2.2 billion and US$2.4 billion from between US$2.1 billion and US$$2.3 billion.