Magna International Inc. raised its dividend as it reported its fourth-quarter profit and sales rose compared with a year ago.
The Canadian auto parts maker, which keeps its books in U.S. dollars, says it will pay a quarterly dividend of 47.5 cents (all figures in USD) per share, up from 46 cents per share.
The increased payment to shareholders came as the company reported net income attributable to Magna of $271 million or 94 cents per diluted share for the quarter ended Dec. 31, up from $95 million or 33 cents per diluted share a year earlier.
Sales for the quarter totalled $10.45 billion, up from $9.57 billion in the last three months of 2022.
On an adjusted basis, Magna says it earned $1.33 per diluted share in its fourth quarter, up from an adjusted profit of 94 cents per diluted share a year earlier.
In its outlook for 2024, the company says it expects total sales for the year between $43.8 billion to $45.4 billion and adjusted net income attributable to the company between $1.6 billion and $1.8 billion.
This report will be updated.
