MAGNA FORECASTS UPBEAT 2021 AS DEMAND REBOUNDS

Auto parts maker Magna International on Friday forecast full-year revenue above analysts' estimates after fourth-quarter profit surged 67 per cent on a rebound in vehicle sales from pandemic lows. The Ontario-based company expects 2021 revenue of US$40 billion to US$41.6 billion, above analysts' average estimate of US$38.41 billion, according to Refinitiv I/B/E/S data. Magna estimated 2021 North American light vehicle production of 15.9 million units. In Europe, it expects full-year production to be 18.5 million units and 24 million units in China. In the fourth quarter, light-vehicle production was up 3 per cent in North America and Europe. Net income attributable to Magna rose to US$738 million from US$440 million a year earlier, while adjusted earnings per share of US$2.83 beat estimates of US$2.02.