Magna Int'l 1Q results top Street, raises outlook

Magna Int'l 1st-qtr. results beat analysts' estimates, raises full-year revenue forecast

Associated Press

NEW YORK (AP) -- Canadian auto parts maker Magna International Inc. said Friday that its net income climbed 8 percent in the first quarter as production sales improved across all regions.

The company's quarter performance beat analysts' estimates, and it lifted its full-year revenue forecast. Shares rose in premarket trading.

For the period ended March 31, Magna earned $369 million, or $1.57 per share, up from $343 million, or $1.46 per share, a year ago.

Analysts surveyed by FactSet expected earnings of $1.43 per share.

Revenue increased 9 percent to $8.36 billion from $7.67 billion, topping Wall Street's estimate of $8.19 billion.

Magna said that production sales in North America, Europe and other parts of the world all increased during the quarter, as did tooling, engineering and other sales. Complete vehicle assembly sales climbed 33 percent.

The company now anticipates 2013 revenue in a range of $32.6 million to $34 million. Its prior guidance called for revenue between $32 billion and $33.4 billion.

Analysts predict revenue of $32.79 billion.

Magna's board declared a quarterly dividend of 32 cents per share. The dividend will be paid on June 17 to shareholders of record on May 31.

The company's stock added $1.29, or 2.1 percent, to $64 shortly before the market opening.

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