AURORA, Ont. — Magna International Inc. raised its dividend as it reported a fourth-quarter profit attributable to the company of US$440 million.
The auto parts maker says it will now pay a quarterly dividend of 40 cents per share, up from 36.5 cents per share.
The increased payment to shareholders came as Magna says its latest profit amounted to US$1.43 per diluted share compared with a profit US$456 million or US$1.37 per diluted share a year ago when it had more shares outstanding.
Sales for the company, which keeps its books in U.S. dollars, totalled nearly $9.4 billion, down from $10.1 billion in the fourth quarter of 2018.
On an adjusted basis, Magna says it earned $1.41 per diluted share in its most recent quarter, down from an adjusted profit of $1.63 per diluted share in the same quarter a year earlier.
Analysts on average had expected an adjusted profit of $1.33 per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Feb. 21, 2020.
Companies in this story: (TSX:MG)
The Canadian Press