Canadian auto parts maker Magna International Inc (MG.TO) (MGA.N) on Friday reported better-than-expected quarterly profit, helped by higher demand in Europe and Asia, and raised its full-year sales forecast for the second time in three months.
Magna said total sales in Asia rose nearly 10 per cent to US$681 million in the second quarter, while in Europe they climbed about 3 per cent to US$3.63 billion.
Total sales in North America, the company's biggest market, rose marginally to $5.37 billion.
Magna, which counts General Motors (GM.N), Volkswagen, BMW (BMWG.DE) and Ford Motor (F.N) among its biggest customers, now expects 2017 sales at between US$37.7 billion and US$39.4 billion.
The company in May raised its sales forecast to a range of US$36.6 billion to US$38.3 billion.
Net income attributable to Magna rose marginally to US$561 million, or US$1.48 per share, in the quarter ended June 30.
Excluding items, the company earned US$1.49 per share, 2 cents above analysts' average estimate, according to Thomson Reuters I/B/E/S.
The Aurora, Ontario-based company's total sales rose 2.5 per cent to $9.68 billion, ahead of the average analyst estimate of US$9.47 billion.