Auto parts maker Magna International Inc. (TSX:MG) said Wednesday its third-quarter profit grew to US$470 million as the auto industry saw production grow in North America and Europe.
The company, which keeps its results in U.S. dollars, said the profit amounted to $2.19 per diluted share in its quarter ended Sept. 30, up from $319 million or $1.39 per diluted share a year ago.
Sales increased to $8.82 billion, up from $8.34 billion in the same quarter last year as vehicle production increased eight per cent in North America and four per cent in Europe, Magna said.
The company said the overall increase in revenue came as North American and Asian production sales, complete vehicle assembly sales and tooling, engineering and other sales increased.
Meanwhile, Magna said its European and rest of world operations saw production sales fall compared with the same quarter last year.
In its outlook for 2014, the company narrowed its forecast for total sales to $35.8 billion to $37.0 billion compared with its second-quarter outlook for $35.6 billion to $37.3 billion.
Total production sales are now expected to be between $29.8 billion and $30.7 billion, while complete vehicle assembly sales are forecast between $3.1 billion and $3.3 billion. That compared with earlier expectations for $29.8 billion to $31.1 billion and $3.0 billion to $3.3 billion, respectively.
Magna is one of the world's largest auto parts makers with more than 300 factories around the world.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.