Magna International Inc. reported its first-quarter profit rose compared with a year ago as sales decreased.
The auto parts company says its profit attributable to the company was US$146 million, compared with $9 million during the same period a year ago.
The auto parts company, which keeps its books in U.S. dollars, says its profit amounted to 52 cents US per diluted share for the quarter ended March 31, up from three cents US per diluted share in the first three months of 2024.
Sales for the quarter totalled US$10.1 billion, down from US$11 billion a year earlier.
On an adjusted basis, Magna says it earned 78 cents US per diluted share in its latest quarter, down from an adjusted profit of US$1.08 per diluted share a year earlier.
In its revised outlook for 2025, Magna says it now expects total sales between US$40 billion and US$41.6 billion, and adjusted net income attributable to Magna of US$1.3 billion to US$1.5 billion for the year.
This report by The Canadian Press was first published May 2, 2025.
Companies in this story: (TSX: MG)
The Canadian Press
