Magna beats first-quarter profit expectations

AURORA, ONT. — Magna International Inc. raised its guidance for the year as it reported a betterthan-expected first-quarter profit and sales that grew 21 per cent compared with a year ago. The auto parts maker, which keeps its books in U.S. dollars, says it earned $660 million, or $1.83 per share, for the quarter, up from $577 million, or $1.51 per share, a year ago. Revenue totalled $10.8 billion, up from $8.9 billion in the same quarter last year. On an adjusted basis, the company says it earned $1.84 per share for the quarter, up from an adjusted profit of $1.53 per share last year.