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Shares of Magna International Inc. (MGA - Free Report) hit a new 52-week high of $65.75 on May 20, which is above its previous level of $65.60, and closed at $65.37 on the same date. The closing price represented a solid one-year return of 64.9% and year-to-date return of 28.2%.

Magna International, based in Aurora, Canada, is a leading manufacturer and supplier of automotive components. It has a market cap of $15.25 billion. Average volume of shares traded over the last three months stood at approximately 749.5K.

Shares of the company started escalating following its improved first-quarter results and promising guidance announced on May 10.

Magna International posted a 7.5% rise in earnings per share to $1.57 in the first quarter of 2013 from $1.46 in the year-ago quarter and outpaced the Zacks Consensus Estimate by 17 cents. Net income increased 7.6% to $369.0 million from $343.0 million in the year-ago quarter.

Revenues went up 9.1% to $8.4 billion, exceeding the Zacks Consensus Estimate of $7.9 billion. The increase was driven by improvement in North American and Rest of World (ROW) production sales as well as higher tooling, engineering and other sales.

For full-year 2013, Magna expects revenues in the External Production segment between $27.2 billion and $28.2 billion, while Complete Vehicle Assembly sales are projected in the range of $2.8 billion to $3.1 billion. These were higher than revenues of $26.0 billion generated from External Production and $2.6 billion from Complete Vehicle Assembly in 2012.

Total revenue of the company is expected between $32.6 billion and $34.0 billion for 2013. It is higher than $30.8 billion generated in 2012.

Currently, shares of Magna International retain a Zacks Rank #2 (Buy). Some other stocks that are performing well in the broader industry where Magna operates include Federal-Mogul Corp. , Tower International, Inc. (TOWR - Free Report) and Visteon Corp. (VC - Free Report) . All these companies carry a Zacks Rank #1 (Strong Buy).

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