RTTNews | May 6, 2021 06:11AM EDT

06:11 Thursday, May 6, 2021 (RTTNews.com) - Automotive supplier Magna International Inc. (MG.TO, MGA) reported Thursday that its first-quarter bet income attributable to the company surged to $615 million from last year's $261 million.

Earnings per share were $2.03, up from $0.86 a year ago. Adjusted earnings per share were $1.86, compared to last year's $0.86.

Sales of $10.18 billion increased 18 percent from prior year's $8.66 billion.

On average, analysts polled by Thomson Reuters expected earnings of $1.57 per share on sales of $9.53 billion. Analysts' estimates typically exclude special items.

Global light vehicle production was up 18 percent driven by an 87 percent increase in China.

Further, the company increased fiscal 2021 outlook to reflect modestly higher sales and Adjusted EBIT margin expectations.

For the year, the company now expects total sales between $40.2 billion and $41.8 billion, compared to previous view of $40.0 billion to $41.6 billion. Adjusted EBIT Margin is now expected to be 7.2 percent - 7.6 percent, up from previous outlook of 7.1 percent - 7.5 percent.

For the year, analysts expect sales of $40.65 billion.

The company also said its Board of Directors declared a first quarter dividend of $0.43 per Common Share, payable on June 4 to shareholders of record as of the close of business on May 21.

In pre-market activity on the NYSE, Magna shares were trading at $95.56, up 1.76 percent.

Read the original article on RTTNews ( https://www.rttnews.com/3192349/magna-q1-results-climb-top-estimates-raises-fy21-view-declares-dividend.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved