Magna has posted record quarterly sales for the quarter ended March 31, revenue up 21% year over year to US$10.79bn.

There was also record quarterly diluted earnings per share of US$1.83, up 21%

Magna said the strong growth was achieved despite light vehicle production that declined 2% in North America and was essentially unchanged in Europe, both compared to the first quarter of 2017.

Excluding the impact of foreign currency translation and net divestitures, sales increased 14%.

Adjusted EBIT increased 7% to US$875m in the first quarter of 2018 resulting in an adjusted EBIT as a percentage of sales of 8.1% in the first quarter of 2018 compared to 9.2% in the first quarter of 2017.  Magna said the margin decline was largely driven by an increase in the proportion of sales generated in its 'Complete Vehicles' segment, which have a significantly lower margin as a percentage of sales than its consolidated average, as well as higher launch costs.

Income from operations before income taxes and net income attributable to Magna International Inc. were US$851m and US$660m for the first quarter of 2018, increases of 7% and 14%, respectively, compared to the first quarter of 2017.

Diluted earnings per share increased 21% to US$1.83 in the first quarter of 2018, reflecting higher income from operations before income taxes, a lower income tax rate primarily as a result of U.S. tax reform, and the favourable impact of a reduced share count.  Adjusted diluted earnings per share increased 20% to US$1.84 compared to US$1.53 for the first quarter of 2017.

Don Walker, Magna's Chief Executive Officer, said: "We had a strong start to the year, reporting record first quarter results and increasing our outlook for sales and earnings. We continue to position Magna for the emerging mobility ecosystem as demonstrated by the recently announced partnership with Lyft."