Magna International reports Q4 profits

Magna International Inc. reported its fourth-quarter profit fell compared with a year earlier as its sales gained five per cent.

The auto parts company, which keeps its books in U.S. dollars, says it earned US$95 million or 33 cents per share in the quarter ended Dec. 31, down from US$464 million or US$1.54 per diluted share in the last three months of 2021.

Sales totalled US$9.57 billion, up from US$9.11 billion a year earlier.

Magna also raised its quarterly dividend by a penny to 46 cents per share.

On an adjusted basis, Magna says it earned 91 cents per diluted share in the fourth quarter of 2022, down from an adjusted profit of US$1.30 per diluted share in the same quarter a year earlier.

Analysts on average had expected a profit of US$1.02 per share, according to estimates compiled by financial markets data firm Refinitiv.