Magna International has raised its full-year profit and sales outlook after a posting a positive set of quarterly financial results.

Magna said that sales increased 17% to $11.0 billion. Adjusted EBIT increased to $603 million in the second quarter of 2023 compared to $358 million in the second quarter of 2022.

Swamy Kotagiri, Magna’s Chief Executive Officer, said: “I am pleased with our second quarter operating performance, which reflects continued strong execution on higher organic sales and cost reduction actions being taken across the company. We remain highly focused on executing our strategy and remain confident in our ability to meet our short- and long-term growth and margin outlooks.

“With the closing of the Veoneer Active Safety acquisition, we have hit the ground running on integration plans and delivering synergies from the combined business.”

Magna said it now expects total sales in 2023 at $41.9bn-$43.5bn compared with previous $40.2bn-$41.8bn. Net income is expected at $1.4bn-$1.6bn compared with previous $1.3-$1.5bn.