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UPDATE 2-Auto parts maker Magna raises 2016 sales forecast, profit beats

Published 2016-05-05, 10:10 a/m
© Reuters. UPDATE 2-Auto parts maker Magna raises 2016 sales forecast, profit beats
GM
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F
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BMWG
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(Adds shares, compares with analysts' estimates)
May 5 (Reuters) - Canadian auto parts maker Magna
International Inc MG.TO MGA.N reported a
higher-than-expected first-quarter profit and raised its
full-year sales forecast for a second time, boosted by strong
vehicle sales in North America and Europe.
Shares rose 2.7 percent at C$52.59 in morning trading on the
Toronto Stock Exchange.
Auto sales have been strong so far this year, particularly
in the United States, helped in part by low gasoline prices.
Magna, which bought German transmission parts maker Getrag
to help automakers improve fuel efficiency, has a customer list
that includes General Motors Co (NYSE:GM) GM.N , Volkswagen AG
VOWG_p.DE , BMW BMWG.DE and Ford Motor (NYSE:F) Co F.N .
Net income from continuing operations attributable to Magna
rose 8 percent to $492 million, or $1.22 per share, in the
quarter ended March 31, beating analysts' average estimate of
$1.19 per share, according to Thomson Reuters I/B/E/S.
Magna, which also assembles vehicles under contract, said
sales rose about 14.5 percent to $8.90 billion. Excluding the
impact of the U.S. dollar, sales rose 19 percent.
The Aurora, Ontario-based company forecast 2016 sales of
$35.5 billion-$37.2 billion, higher than its forecast of $34.6
billion-$36.3 billion in January.

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