UPDATE: Magna Posts Upbeat Q2 Profit, Lifts Sales Outlook

Magna International

reported a 19% surge in its Q2 profit and lifted its sales outlook for the year. Magna lifted its sales view for the year to $33.3 billion-$34.7 billion, versus its earlier forecast of $32.6 billion to $34 billion. Magna's quarterly net income surged to $415 million, or $1.78 per share, from $349 million, or $1.48 per share, in the year-ago period. Its sales climbed 16.1% to $8.96 billion. However, analysts were estimating a profit of $1.64 per share on sales of $8.56 billion. Magna shares closed at $76.96 yesterday.