Magna International posted higher profit and revenue for its third quarter on Friday, beating analysts’ expectations.
The auto parts maker reported a profit of US$394 million for its quarter ended September 30, up 36% from US$289 million in the same period last year.
Sales increased 15% to US$10.69 billion compared to the most recent quarter, when they stood at US$9.27 billion.
On an adjusted basis, Magna saw its earnings rise to US$1.46 per share, up from US$1.10 per share a year earlier.
This result exceeded the expectations of analysts, who on average targeted a profit per share of US$1.32, according to forecasts collected by the financial data firm Refinitiv.
The Aurora, Ontario-based company said its profit growth was attributable to the launch of new programs in the past year, an increase in production of light vehicles around the world and an increase in prices to cover the increase in production prices.