Magna, which counts Toyota Motor Corp and General Motors Co as its customers, also cut its light vehicle production forecast for the year in North America and Europe as semiconductor worries continue to persist.

"Due to current geopolitical events and COVID-19 lockdowns in China, industry estimates for vehicle production have been lowered, and we are facing inflation and commodity headwinds," Magna Chief Executive Officer Swamy Kotagiri said.

Fresh lockdowns in China as well as Russia's invasion of Ukraine have reignited supply snarls that were easing over recent months.

Industrial firms including GE, chipmakers such SK Hynix and carmaker Mercedes Benz warned that China's COVID-19 curbs were intensifying supply chain disruptions and raising uncertainty about the business outlook.

Magna said it expects 2022 net income attributable between $1.3 billion and $1.5 billion, down from its previous forecast of $1.7 billion to $1.9 billion.

Adjusted profit per share for the quarter through March was $1.28, compared with average analysts' expectation of $1.10 per share.

The Aurora, Canada-based manufacturer reported net sales of $9.64 billion for the first quarter, beating analysts' expectations of $9.08 billion.

(Reporting by Kannaki Deka in Bengaluru; Editing by Vinay Dwivedi and Saumyadeb Chakrabarty)