May 4, 2011 / 2:53 PM / 7 years ago

UPDATE 1-Magna quarterly earnings jump

(In U.S. dollars unless noted)

VANCOUVER, May 4 (Reuters) - Magna International Inc (MG.TO) (MGA.N) reported a 44 percent jump in quarterly profit on Wednesday, helped by a strong increase in vehicle production in North America and Europe.

The world’s No. 3 auto parts maker said its net income was $322 million, or $1.30 a share, for the three months to the end of March. That compares with earnings of $224 million, or 99 cents a share, in the same period of 2010.

Analysts, on average, had expected Magna to report earnings of $1.13 a share on revenue of $6.6 billion, according to Thomson Reuters I/B/E/S.

Its sales rose 34 percent to $7.2 billion. (Reporting by Nicole Mordant; editing by Peter Galloway)

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