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Auto parts maker Magna reports $456M Q4 profit, ups dividend

Will now pay quarterly 36.5 cents per share, up from 33 cents per share.


AURORA, Ont. — Magna International Inc. raised its dividend as it reported its fourth-quarter profit fell from the same period a year earlier.

The Ontario-based auto parts maker, which keeps its books in US dollars, says it will now pay a quarterly dividend of 36.5 cents per share, up from 33 cents per share.

The increased payment to shareholders came as Magna says it earned $456 million or $1.37 per diluted share for the quarter ended Dec. 31. That compared with a profit of $559 million or $1.54 per share in the same quarter a year earlier.

Sales totalled $10.14 billion, up from $9.68 billion.

On an adjusted basis, Magna says it earned $1.63 per share for the quarter, up from $1.58 per share a year earlier.

Analysts on average had expected a profit of $1.59 per share, according to Thomson Reuters Eikon.

 

News from © Canadian Press Enterprises Inc. 2016

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