Magna has posted first quarter net income of US$465m, up US$72m, on sales of US$8.33bn, down 7% to $631m.

The supplier is citing the weakening of certain currencies against the US dollar reporting currency, in particular the euro and Canadian dollar, as a significant negative impact on reported sales for the first quarter of 2015. 

“We posted improved earnings and return on funds employed, as well as excellent cash flow generation,” said Magna CEO, Don Walker.

“While the strengthened US dollar negatively impacted our reported sales and earnings, our underlying operations performed well in the quarter.

“We have been refining our product portfolio to focus on certain key areas of the vehicle, reflected in our agreements this year to sell substantially all of our interiors operations, our battery pack business, as well as our sale last year of certain non-core composites operations. 

“At the same time, we have been taking steps to expand in other areas such as metal-forming, where we recently announced a joint venture in China.”