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Demand for parts has remained strong from automakers as they strive to manufacture new models to cater to consumers looking to snap up pickup trucks and family SUVs.
Labor concerns, however, have remained a worry for the industry as it navigates higher costs of raw materials and other inflationary headwinds.
Magna expects 2023 revenue between $41.90 billion and $43.50 billion, compared with its previous forecast of $40.20 billion to $41.80 billion.
The Canada-based company raised it adjusted annual income outlook to between $1.40 billion and $1.60 billion, from $1.30 billion to $1.50 billion forecast earlier.
Magna reported adjusted earnings per share of $1.50 during the second quarter, compared with analysts’ average estimate of $1.23 per share, according to Refinitiv data.
Its second-quarter revenue rose 17% to 10.98 billion, topping estimates of $10.30 billion.
