TORONTO -- Magna International reported higher profits on Thursday, citing a 40 percent increase in sales.
Magna said it earned $193 million for the second quarter ended June 30. That compares with a profit of $172 million in the year-earlier period.
The Aurora, Ontario-based company said revenue rose 40 percent to $5.1 billion from $3.7 billion, topping forecasts for $4.9 billion.
For 2004, Magna sees sales between $19 billion and $20 billion, compared with sales of $15.3 billion last year.
Magna, which generates much of its business from the Big Three U.S. automakers, said the value of Magna parts in vehicles rose 15 percent in North America and 86 percent in Europe.
Magna is sixth on the Automotive News ranking of top global suppliers in 2003 with $15.3 billion in sales.