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Magna: 1Q Earnings Snapshot

AURORA, Ontario (AP) _ Magna International Inc. (MGA) on Thursday reported first-quarter earnings of $1.11 billion.

The Aurora, Ontario-based company said it had profit of $3.39 per share. Earnings, adjusted for non-recurring gains, were $1.63 per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.73 per share.

The automotive supply company posted revenue of $10.59 billion in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $10.47 billion.

Magna expects full-year revenue in the range of $39.1 billion to $41.3 billion.

Magna shares have risen 17% since the beginning of the year. The stock has declined 12% in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGA at https://www.zacks.com/ap/MGA