TORONTO (Reuters) -- Canadian auto parts maker Magna International Inc. reported a 19 percent rise in second-quarter profit and lifted its sales forecast for the year, buoyed by increased vehicle production in North America.
Net income at North America's largest supplier increased to $415 million from $349 million in the same period last year. Sales climbed 16 percent to $8.96 billion
The company said it now expects revenue in the $33.3 billion to $34.7 billion range this year, up from an earlier estimate of $32.6 billion-$34 billion.
Magna also raised its expected production sales for the year to between $27.7 billion and $28.7 billion, up from a previous forecast range of $27.2 billion-$28.2 billion.
Production sales are Magna's core business of manufacturing vehicle parts and exclude its smaller vehicle assembly and tooling operations.
Magna earned $1.78 per share in the latest quarter. Analysts on average had expected a profit of $1.64 per share on revenue of $8.56 billion, according to Thomson Reuters I/B/E/S.
Magna ranks No. 1 in Automotive News' ranking of the biggest suppliers of original equipment parts to automakers in North America, with $16.1 billion in sales last year.