Canadian Manufacturing

Magna reports Q1 profit more than doubles from year ago, sales up 18%

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

May 6, 2021  The Canadian Press

AURORA, Ont. — 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% driven by an 87% increase in China.

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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.