Nov 1 (Reuters) - Canadian auto parts supplier Magna

International ( MGA ) cut its annual sales and profit forecasts

on Friday against the backdrop of the automobile industry

grappling with weak demand.

Magna had benefited from a healthy flow of orders, with

automakers ramping up production over the years, however, that

pace has slowed as companies readjust their inventory levels to

match demand.

The company supplies parts and builds vehicles at its

manufacturing unit for various automakers including BMW

, Mazda ( MZDAF ) and Ferrari ( RACE ).

Last month, auto industry consultants J.D. Power and

GlobalData cut their expectations for 2024 global light-vehicle

sales by 500,000 units to 88 million units.

Auto parts supplier Aptiv ( APTV ) said on Thursday it took

extra steps to boost profitability, after it cut its annual

sales forecast. Peer BorgWarner also cut its annual sales

expectations.

Magna now expects annual total sales between $42.2 billion

and $43.2 billion, compared with its prior forecast range of

$42.5 billion to $44.1 billion.

It forecast full-year adjusted profit of $1.45 billion to

$1.55 billion, down from its previous expectation of $1.5

billion to $1.7 billion.

On an adjusted basis, Magna earned $1.28 per share in the

third quarter, missing the average analyst estimate of $1.40,

according to data compiled by LSEG.

The company reported sales of $10.28 billion, below

expectations of $10.35 billion.