November 9, 2017 / 11:02 AM / a year ago

CORRECTED-UPDATE 1-Canadian auto parts maker Magna beats profit estimate

(Corrects North America sales to Europe sales and adding Asia sales)

Nov 9 (Reuters) - Canadian auto parts maker Magna International Inc's profit topped analysts' estimates, helped by strong demand in Europe and Asia, and the company raised its full-year sales forecast.

The company said it now expects 2017 total sales of $38.3 billion to $39.5 billion, compared with its previous forecast of $37.7 billion to $39.4 billion.

Magna, which also assembles cars under contract from motor vehicle manufacturers, counts General Motors Co, Volkswagen AG, BMW and Ford Motor Co as its biggest customers.

Magna said sales in Europe rose 14.2 percent to $2.50 billion and sales in Asia rose 5 percent to $576 million, lifting up its total sales by 7.3 percent to $9.50 billion.

On an adjusted basis, the company reported a profit of $1.37 per share, beating the average analyst estimate of $1.32, according to Thomson Reuters I/B/E/S.

Net income attributable to Magna was flat at $503 million for the quarter ended Sept. 30.

However, on a per-share basis it rose to $1.36 from $1.29 a year earlier as the latest quarter saw a drop in the number of shares outstanding. (Reporting By Akshara P in Bengaluru; Editing by Anil D'Silva and Maju Samuel)

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