February 21st, 2024

Magna International reports Q4 profit and sales up from year earlier, raises dividend

By The Canadian Press on February 9, 2024.

TORONTO – Magna International Inc. raised its dividend as it reported its fourth-quarter profit and sales rose compared with a year ago.

The auto parts maker, which keeps its books in U.S. dollars, says it will pay a quarterly dividend of 47.5 cents US per share, up from 46 cents US per share.

The increased payment to shareholders came as the company reported net income attributable to Magna of US$271 million or 94 cents US per diluted share for the quarter ended Dec. 31, up from US$95 million or 33 cents US per diluted share a year earlier.

Sales for the quarter totalled US$10.45 billion, up from US$9.57 billion in the last three months of 2022.

On an adjusted basis, Magna says it earned US$1.33 per diluted share in its fourth quarter, up from an adjusted profit of 94 cents US per diluted share a year earlier.

In its outlook for 2024, the company says it expects total sales for the year between US$43.8 billion to US$45.4 billion and adjusted net income attributable to the company between US$1.6 billion and US$1.8 billion.

This report by The Canadian Press was first published Feb. 9, 2024.

Companies in this story: (TSX:MG)

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