UPDATE 2-Magna's sales rise as Europe improves; 2013 outlook hiked

Wed Nov 6, 2013 12:02pm EST
 
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* Q3 profit $1.39/share vs estimated $1.34/share

* Sales rise 13 pct to $8.34 bln vs estimated $8.23 bln

* Stock jumps 4 pct to record high

* European production sales jump 18 pct

* Sales forecast for 2013 revised up to $33.9-$34.8 billion (Adds details, comments, market reaction)

By Solarina Ho and Sayantani Ghosh

Nov 6 (Reuters) - Canadian auto parts manufacturer Magna International Inc reported stronger-than-expected results and hiked its 2013 outlook on Wednesday, as strength in its European business boosted quarterly sales by nearly 13 percent.

The news pushed Magna stock up more than 4 percent to a record high of C$92.75 on the Toronto Stock Exchange, and to $87.29 in New York, also a record.

Magna, which has been working to turn around inefficient operations in Europe amid a lackluster recovery in the region, raised the low end of its production sales outlook for the year to $28.1 billion.   Continued...