Magna International Q1 Profit Tops Estimates; Sales Up 11%

(RTTNews) - Magna International Inc. (MGA, MG.TO) reported that its first-quarter net income attributable to Magna declined to $209 million or $0.73 per share from $364 million or $1.22 per share, last year. Adjusted earnings per share declined to $1.11 from $1.28, prior year. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $0.85, for the quarter. Analysts' estimates typically exclude special items.

Sales increased to $10.67 billion from $9.64 billion, last year. Analysts on average had estimated $9.90 billion in revenue.

For 2023, the company now expects total sales in a range of $40.2 - $41.8 billion, revised from previous guidance range of $39.6 - $41.2 billion.

The Board of Directors declared a first quarter dividend of $0.46 per share, payable on June 2, 2023 to shareholders of record as of the close of business on May 19, 2023.

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