Canadian automotive parts manufacturer Magna International (MG) has reported that its first-quarter profit declined 43% from a year earlier to $209 million U.S.
The company, which reports its financial results in U.S. dollars, said its Q1 profit equaled $0.73 U.S. per share, down significantly from $364 million U.S. or $1.22 U.S. a share a year ago.
Sales during Q1 totalled $10.67 billion U.S., up 11% from $9.64 billion U.S. in the first quarter of 2022.
Magna said the increased sales were due to a pick-up in global light vehicle production, particularly in North America where it gained 8% from a year earlier.
Looking forward, Magna said it now expects total sales of $40.2 billion U.S. to $41.8 billion U.S., up from earlier forecasts for between $39.6 billion U.S. and $41.2 billion U.S.
Magna’s stock has decreased 4% in the last 12 months to $72.29 per share.
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