Magna International Inc. (MGA,MG.TO) reported that its first-quarter net income attributable to the company increased to $369 million or $1.57 per share, from $343 million or $1.46 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.44 per share for the quarter. Analysts' estimates typically exclude special items.
Sales for the quarter rose to $8.36 billion from $7.67 billion in the prior year quarter. Ten analysts had consensus revenue estimate of $8.09 billion for the quarter.
Complete vehicle assembly sales increased 33% to $798 million for the first quarter of 2013 compared to $599 million for the first quarter of 2012, while complete vehicle assembly volumes increased 25% to approximately 37,000 units.
The company said its board declared a quarterly dividend of $0.32 with respect to its outstanding Common Shares for the quarter ended March 31, 2013. This dividend is payable on June 17, 2013 to shareholders of record on May 31, 2013.
Looking ahead to the fiscal year 2013, the company now expects total sales in the range of $32.6 billion - $34.0 billion, compared to prior estimate of $32 billion to $33.4 billion. Sixteen analysts have consensus revenue estimate of $32.77 billion for fiscal 2013.
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