(Adds details on results, analysts' estimates)
May 11 Canadian auto parts maker Magna
International Inc on Thursday posted a
bigger-than-expected profit for the first quarter, helped by
higher demand, and the company also raised its full-year sales
Magna said sales in Asia rose 10 percent to $557 million in
the quarter ended March 31, while sales in Europe climbed 8
percent to $2.46 billion.
North America sales, which make up the bulk of Magna's total
sales, increased 7 percent to $5.09 billion.
The helped total sales jump to $9.37 billion from $8.90
billion at Magna, which counts General Motors Co,
Volkswagen AG, BMW and Ford Motor Co
among its biggest customers.
Net income attributable to Magna rose to $586 million, or
$1.53 per share, in the quarter, from $492 million, or $1.22 per
share, a year earlier.
The company earned $1.54 per share on an adjusted basis,
topping analysts' average estimate of $1.34, according to
Thomson Reuters I/B/E/S.
Magna raised its full-year 2017 sales forecast to $36.6
billion to $38.3 billion, from its prior forecast of $36 billion
to $37.7 billion.
The Aurora, Ontario-based company also raised its total
production sales forecast to $30.8 billion to 32.1 billion, from
$30.4 billion to $31.7 billion.
The company's U.S.-listed shares were up about 1.8 percent
at $43.55 in premarket trading on Thursday.
(Reporting by John Benny in Bengaluru; Editing by Savio