TORONTO -- Magna International reported a weaker first-quarter profit on Tuesday as vehicle production cuts by major North American automakers took a toll on the Canadian auto parts supplier.
Magna said it had a profit of $172 million, or $1.68 a share, for the quarter ended March 31. That compares with a profit of $179 million, or $1.84 a share, a year earlier.
Magna also said it expects 2005 sales of between $21.8 billion and $23.1 billion, compared with 2004 sales of $20.7 billion.
Magna's results fell below analyst forecasts for a profit of $2.17 a share, according to Reuters Estimates.
Aurora, Ontario-based Magna said sales rose to $5.7 billion from $5.1 billion.
The company, which produces parts and assembles cars for automakers, said profit was affected by higher prices for commodities and lower vehicle production volumes, which fell 4 percent in North America and 5 percent in Europe.
Magna, which completed the privatization of its three publicly traded auto parts units this year, said the average dollar content per vehicle was $724 in North America and $322 in Europe.
