(Adds details, EBIT forecast)
Aug 5 (Reuters) - Canadian auto parts maker Magna International Inc MG.TO MGA.N reported a 3.7 percent rise in quarterly profit, helped by strong vehicle sales in North America and Europe.
Auto sales have been strong so far this year, particularly in the United States, helped in part by low gasoline prices.
The company raised its 2016 Earnings Before Interest and Taxes (EBIT) forecast to about 8 percent from its previous estimate of high 7 percent.
Magna, which bought German automotive supplier Telemotive AG in April to expand into vehicle connectivity, counts General Motors Co (NYSE:GM) GM.N , Volkswagen AG VOWG_p.DE , BMW BMWG.DE and Ford Motor (NYSE:F) Co F.N among its customers.
Ontario-based Magna said North American and European light vehicle production increased 2 percent and 6 percent respectively, from a year earlier.
Net income from continuing operations attributable to the company rose to $558 million, or $1.41 per share, for the second quarter ended June 30, from $538 million, or $1.29 per share, a year earlier. rose about 16 percent to $9.44 billion.