Magna raises annual sales forecast on vehicle assembly, safety tech demand

Oct 31 (Reuters) - Magna International MG.TO raised its annual sales forecast on Friday, as the Canadian auto parts supplier leans on demand for its vehicle assembly business and safety systems.

The results follow peers Aptiv APTV.N and BorgWarner BWA.N warning of production snarls from a supply crunch related to Dutch firm Nexperia and a fire at a critical aluminum supplier.

Magna, which counts Ford F.N, General Motors GM.N, Stellantis and other European automakers as customers, expects its annual sales to be between $41.1 billion and $42.1 billion, up from its prior range of $40.4 billion to $42.0 billion.

U.S.-listed shares of the company were up about 1% in premarket trade.

Steady demand for advanced driver-aid safety technology and auto parts from automakers ramping up production has helped auto parts suppliers amid the disruptions caused by U.S. tariffs.

Magna, which has factories in North America and Europe, assembles units for automakers at its complete vehicle manufacturing unit.

Its quarterly sales rose 1.7% to $10.5 billion from a year earlier. Analysts on average expected the company to report sales of $10.14 billion, according to data compiled by LSEG.

On an adjusted basis, Magna earned $1.33 per share for the quarter through September, above estimates of $1.21.