CALGARY, Alberta -- Intier Automotive said on Tuesday second-quarter profit nearly doubled as the auto parts supplier reaped rewards from new products for cars and trucks that were launched in late 2003 and early 2004.
Intier, which makes interior components and seats for vehicles, said it earned $38 million, or 61 cents a share. That compares with a year-earlier profit of $19.4 million, or 35 cents a share.
Analysts forecast, on average, profit of 50 cents a share, according to Reuters Estimates.
Newmarket, Ontario-based Intier said sales rose 26 percent to $1.4 billion from $1.1 billion.
"This is a reflection of the significant investments in product launches made over the past two years and of our continued concentration on operational efficiencies worldwide," chief executive Don Walker said in a statement.
Total sales in 2004 are expected to be $5.2 billion to $5.4 billion, based on North American and European light vehicle production estimated to be 16 million to 16.4 million units, the company said.