Magna International Inc. upgraded its outlook for its sales and profit for the year as it reported its first-quarter profit fell compared with a year ago and its sales rose 11 per cent.

The auto parts company, which keeps its books in U.S. dollars, says its profit attributable to the company amounted to US$209 million or 73 cents per diluted share for the quarter ended March 31, down from US$364 million or $1.22 per diluted share a year earlier.

Sales totalled US$10.67 billion, up from US$9.64 billion in the first three months of 2022.

The company says the increase in sales came as global light vehicle production gained three per cent, including an eight per cent gain in North America and seven per cent in Europe.

On an adjusted basis, Magna says it earned US$1.11 per diluted share, down from an adjusted profit of US$1.28 per diluted share a year ago.

In its outlook for the full year, the company says it now expects total sales between US$40.2 billion and US$41.8 billion up from earlier expectations for between US$39.6 billion and US$41.2 billion. Net income attributable to Magna is expected to be between US$1.3 billion and $1.5 billion, up from earlier guidance for between US$1.1 billion and US$1.4 billion.

This report by The Canadian Press was first published May 5, 2023.