May 3 (Reuters) - Canada's Magna International ( MGA )

missed first-quarter profit estimates and cut its full-year

overall sales forecast on Friday, as auto parts suppliers

navigate ongoing supply constraints and bumpy demand for

electric vehicles.

The company's shares were down about 4% in early trade.

Auto parts suppliers have been struggling with

lower-than-expected demand for their EV components, as carmakers

shift their focus toward producing affordable hybrid vehicles

instead.

Supply chain constraints, coupled with labor shortages which

began during the pandemic, also continue to impact the auto

industry as they try to ramp up production.

Magna executives said on a post-earnings call the company

was assessing impacts from automakers' shifting electrification

plans, particularly in North America.

The Aurora, Ontario-based company also recorded asset

impairments and restructuring costs of $316 million related to

troubled EV startup Fisker ( FSRN ).

Magna, which produces powertrains, along with assembling

complete vehicles, signed agreements with Fisker ( FSRN ) in 2020 to

engineer and manufacture its Ocean SUV.

Fisker ( FSRN ) has been grappling with uncertainties after talks

with a large automaker for a potential investment collapsed in

March.

"Magna's complete vehicles contract manufacturing business

has gone from acting as a growth driver to a drag on margins,

much of which is due to Fisker ( FSRN ) as it is now flirting with

possible bankruptcy," said CFRA analyst Garrett Nelson.

Magna said production of Fisker's ( FSRN ) Ocean SUVs had been idled

at its plants and it wrote off all assets related to the EV

company.

Peer Aptiv ( APTV ) also cut its annual sales forecast on

Thursday and said it would reduce equity interest in its

self-driving joint venture, Motional, with Hyundai Motor ( HYMTF )

.

Magna said it expects full-year 2024 sales of $42.6 billion

to $44.2 billion, versus its prior range of $43.8 billion to

$45.4 billion.

On an adjusted basis, it earned $1.08 per share in the first

quarter, compared with LSEG estimates of $1.24 per share.