(Reuters) - Auto parts maker Magna International Inc
Slowing global economy amid the U.S.-China trade war has hurt consumer sentiment that has weighed on auto sales, while trade tariffs on metals have pushed vehicle production costs up by billions of dollars, hurting automakers and parts suppliers' profitability.
A 40-day strike at the No.1 U.S. carmaker, General Motors, has added to auto parts makers' pain, in the form of lost revenue.
Magna, which makes parts such as body structures, chassis and powertrain for customers including Ford Motor
The company now expects full-year net income between $1.8 billion and $1.9 billion, down from its prior range of $1.9 billion and $2.1 billion.
"We have made some adjustments to our outlook largely to reflect estimated lost volume related to the GM strike and higher launch costs," Chief Financial Officer Vince Galifi said.
Several auto parts makers and suppliers have lowered their full-year forecasts and disclosed hits to quarterly earnings due to the strike.
Earlier this month drivetrain systems maker American Axle and Manufacturing Holdings
Aptiv Plc
Magna recorded non-cash impairment charges of $537 million after income taxes in the third quarter ended Sept. 30 and reported adjusted earnings before interest and taxes of $558 million, below analysts' expectation of $572 million, according to IBES data from Refinitiv.
Total sales fell 3% to $9.32 billion, missing the Wall Street estimate of $9.33 billion.
(The story corrects day in first paragraph to Friday from Thursday.)
(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva and Shinjini Ganguli)