Share price of Magna International Inc. MGA increased 1.7% to $40.38 on May 5, after the company reported earnings per share of $1.22 for the first quarter of 2016 that surpassed the Zacks Consensus Estimate of $1.19. Earnings per share also improved 9% from $1.12 recorded in the first quarter of 2015.Revenues increased 15% year over year to $8.90 billion in the reported quarter and steered past the Zacks Consensus Estimate of $8.75 billion. Excluding the impact of foreign currency translation, sales jumped 19% in the quarter.Vehicle production increased 10% to 4.5 million units in North America and 7% to 5.6 million units in Europe. Income from operations before income taxes went up 9% to $675 million in the reported quarter from $621 million a year ago.Segment Details Revenues from the External Production segment (comprising North America, Europe, Asia, and Rest of World units) rose 14.5% year over year to $7.6 billion in the reported quarter.Sales in North America climbed 13% to $4.7 billion, driven by product launches and higher production levels. Revenues from Europe increased 20% year over year to $2.3 billion in the first quarter, backed by new product launches and benefits from acquisitions. Revenues from Asia jumped 26% to $507 million in the quarter. The rise was aided by the launch of new products and benefits from acquisitions. Revenues from ROW plunged 39% to $80 million due to lower U.S. dollar sales.Revenues at the Complete Vehicle Assembly segment totaled $596 million, down 1% from $600 million a year ago. Also, assembly volumes declined 15% to 23,235 units.Revenues from the Tooling, Engineering & Other segment surged 33% to $687 million in the quarter under review.FinancialsMagna International had $625 million of cash and cash equivalents as of Mar 31, 2016, compared with $2.9 billion as of Dec 31, 2015. The company had long-term debt of $3.2 billion as of Mar 31, 2016, compared with $2.6 billion as of Dec 31, 2015.In the first quarter of 2016, Magna International’s cash flow from operations increased to $298 million from $280 million a year ago.Capital DeploymentOn May 4, 2016, the board of directors of the company declared a quarterly dividend of 25 cents per share. This dividend is payable on Jun 10, to shareholders on record as of May 27, 2016.In the first quarter of 2016, Magna International repurchased 7.3 million shares for $300 million. The company has 30.1 million remaining under its share repurchase authorization.On May 2, 2016, Magna International increased its revolving credit facility by $500 million to $2.75 billion. The company also extended the final maturity date from Jun 22, 2020 to Jun 22, 2021.OutlookFor 2016, Magna International projects revenues for the External Production segment in the band of $30.7–$32 billion, higher than $30.3–$31.6 billion guided earlier. Meanwhile, Complete Vehicle Assembly sales are projected in the range of $1.9–$2.2 billion, up from the previous forecast of $1.7–$2 billion.Thus, for 2016, the company expects total revenue between $35.5 billion and $37.2 billion, higher than $34.6–$36.3 billion expected earlier. Tax rate is projected in the range of 25%–26%, while capital expenditures are anticipated to be $1.8–$2 billion.Magna International, based in Aurora, Canada, is a leading manufacturer and supplier of automotive components. The company designs, develops and manufactures automotive systems, assemblies, modules and components, apart from engineering and assembling complete vehicles, primarily for sale to original equipment manufacturers of cars and light trucks.The company currently carries a Zacks Rank #3 (Hold).Stocks to ConsiderSome better-ranked automobile stocks include Lear Corp. LEA, Superior Industries International, Inc. SUP and Oshkosh Corporation OSK. All the three stocks sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SUPERIOR INDS (SUP): Free Stock Analysis Report MAGNA INTL CL A (MGA): Free Stock Analysis Report LEAR CORPORATN (LEA): Free Stock Analysis Report OSHKOSH CORP (OSK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research