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

By CP STAFF   

General Automotive Manufacturing auto parts dividends Magna manufacturing shares

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.

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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.

 

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