TORONTO -- Parts maker Tesma International reported higher quarterly profits on Tuesday, crediting a stronger Canadian dollar and euro against the U.S. dollar and better sales due to the acquisition of Davis Industries.
Tesma posted a net profit of $26.2 million, or 80 cents a share, for second quarter, compared with $21.2 million, or 66 cents a share, in the prior-year period.
Analysts had forecast, on average, a profit of 73 cents a share, according to Reuters Estimates.
Tesma, which is one of the Magna International group of companies, said revenues rose 22 percent to $340.4 million from $278.8 million in the same quarter in 2003.
Tesma announced its results after markets closed on Tuesday.