Auto parts maker Tesma International has reported higher quarterly profits, crediting a stronger Canadian dollar and euro against the US dollar and better sales due to the acquisition of Davis Industries, according to Reuters.
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Tesma reportedly posted a net profit of $US26.2 million, or 80 cents a share, for second quarter, compared with $21.2 million, or 66 cents a share, in the prior-year period.
Analysts had forecast, on average, a profit of 73 cents a share, according to Reuters Estimates.
Tesma, which is one of the Magna International group of companies, said revenues rose 22% to $340.4 million from $278.8 million in the same quarter in 2003, the report said.
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