Canadian parts maker Magna International Inc. reported a 65 percent rise in net profits in the third quarter, bolstered by gains from its Detroit 3 customers.
Net income jumped to $155 million for the quarter ended Sept. 30, up from $94 million in the same quarter of last year. Revenues rose 12 percent to $6.08 billion.
Magna said its North American content per vehicle rose to an average $862, up 14 percent from the year-earlier period. The gain came from Magna parts on program launches that included the Ford Edge, Lincoln MKX, Saturn Outlook, GMC Acadia and Buick Enclave crossovers. Chrysler programs included the Jeep Wrangler and Wrangler Unlimited SUVs and Jeep Patriot crossover.
Operating profit jumped 72 percent to $267 million, Magna said. Vehicle production volume rose 3 percent in North America and 5 percent in Europe, the company said.
Magnas third-quarter gains came despite lower complete vehicle assembly sales at its Graz, Austria, operations. That came from the end of production of the Mercedes-Benz E class 4Matic, and a decrease in assembly volumes for the BMW X3.
Those declines were partially offset by higher assembly volumes for the Saab 9-3 car and the Mercedes-Benz G-class SUV.
For the first nine months of the year, Magna posted a profit of $635 million, up 27 percent from $499 million in the first nine months of last year. Sales were $19.23 billion, up 8 percent from $17.81 billion.
Operating profit for the period was $949 million, up 26 percent from $750 million.
Magna, of Aurora, Ontario, ranks No. 4 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $23.88 billion in 2006.