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