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AURORA, Ontario (AP) — AURORA, Ontario (AP) — Magna International Inc. (MGA) on Friday reported first-quarter profit of $209 million.
On a per-share basis, the Aurora, Ontario-based company said it had profit of 73 cents. Earnings, adjusted for non-recurring costs, were $1.11 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 95 cents per share.
The automotive supply company posted revenue of $10.67 billion in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $10.12 billion.
Magna expects full-year revenue in the range of $40.2 billion to $41.8 billion.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a MGA">Zacks stock report on MGA at https://www.zacks.com/ap/MGA