canadian auto parts maker magna international inc posted a betterthanexpected quarterly profit on friday as its key customers ramped up production to meet recovering demand for new cars in europe china and the united states the ontariobased company also raised its 2020 sales outlook to 315 billion325 billion from 30 billion32 billion analysts were expecting 314 billion according to ibes data from refinitiv auto sales in north america have gradually recovered since lockdown measures were eased prompting major automakers to ramp up production and rebuild inventories for highmargin sport utility vehicles and pickup trucks advt that has lifted sales at several auto suppliers including magna which makes parts such as body structures chassis and powertrain for customers including ford motor and volkswagen magna reported a net income of 405 million or 135 per share for the third quarter ended sept 30 compared with a loss of 233 million or 75 cents per share a year earlier on an adjusted basis it earned 195 per share while analysts were expecting 133 per share total sales fell about 2 to 913 billion reuters published on nov 6 2020 at 0333 pm ist telegram facebook copy link be the first one to comment comment now comments comment now read comment 1 all comments post post find this comment offensive choose your reason below and click on the submit button this will alert our moderators to take actions reasons for reporting foul language defamatory inciting hatred against a certain community out of context spam others report join the community of 2m industry professionals subscribe to our newsletter to get latest insights analysis download etauto app get realtime updates save your favourite articles scan to download app magna profit magna international inc auto parts magna sales outlook magna 2020 sales homenewsauto componentsmagna beats quarterly profit estimates raises 2020 sales outlook