The auto parts maker said the profit amounted to US$1.76 per diluted share for the company, which keeps its books in U.S. dollars. In the same quarter last year, Magna earned $369 million, or $1.57 per diluted share.
Analysts on average expected earnings per share of $2.05, according to estimates compiled by Thomson Reuters.
The company had sales of $8.96 billion in the quarter, compared with $8.3 billion in the same quarter of last year.
In its outlook, Magna said its sales are now expected to total between $34.9 billion and $36.6 billion, up from earlier guidance for sales between $33.8 billion and $35.5 billion.
The increase came as Magna raised its outlook for vehicle production in North America and Europe.
It now expects North American production to total about 16.8 million units, while Europe is expected to produce about 19.5 million. That compared with earlier expectations for 16.7 million and 19.3 million respectively.
"In the first quarter of 2014, our North American, European, and Asian production sales, as well as tooling, engineering and other sales and complete vehicle assembly sales all increased, while our rest of world production sales declined, each relative to the comparable quarter in 2013, the company said in a news release on Thursday.
Last month, Magna announced it would create 75 new jobs with a $1.5-million expansion of a plant in Newmarket, Ont.
The company's Magna Closures unit is expanding its Dortec manufacturing plant to produce electronic control modules for power closure and roof systems.
The plant is also expected to produce a new electronic side-door latch that will be lighter and cost less.