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

missed analysts' estimates for first-quarter profit and cut its

full-year overall sales forecast on Friday, as the auto parts

supplier navigates headwinds from supply chain snags.

The Aurora, Ontario-based company also recorded asset

impairments and restructuring costs of $316 million related to

troubled electric-vehicle 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 mounting uncertainties after

talks with a large automaker for a potential investment

collapsed in March.

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 )

.

Auto parts suppliers have been struggling with

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

shift their focus toward producing affordable hybrids.

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

to $44.2 billion, compared with its prior forecast 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 analysts' average estimate of $1.24 per

share, according to LSEG data.