Magna Posts Higher Sales, Profits

Magna International Inc. says gains in North America, Europe and Asia hiked its first-quarter sales and net earnings 7% each to US$9 billion and $393 million, respectively.

Adjusted earnings before interest and taxes for the Canadian supplier climbed 30% to $605 million in January-March. Quarterly EBIT rose 16% to $443 million in North America and 76% to $127 million in Europe.

EBIT in Asia surged to $29 million from $11 million a year ago. Losses in other markets widened 18% to $13 million because of growing losses in South America.

Revenue from contract assembly of entire vehicles advanced 2% to $813 million, even though production dropped 5% to 35,700 units.