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Magna International Q1 profit climbs YOY

Magna International Inc. said its normalized net income for the first quarter came to 95 cents per share, compared with the S&P Capital IQ consensus estimate of $1.10 per share.

EPS rose 10.3% year over year from 86 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $395.4 million, an increase from $386.0 million in the prior-year period.

The normalized profit margin increased to 5.0% from 4.6% in the year-earlier period.

Total revenue decreased year over year to $8.33 billion from $8.46 billion, and total operating expenses decreased from the prior-year period to $7.74 billion from $7.88 billion.

Reported net income rose 15.2% from the prior-year period to $464.8 million, or $1.12 per share, from $403.4 million, or 90 cents per share.