Magna profit jumps to US$458 million on higher revenue, dividend going up

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A man walks in front of a plant of Magna International in Meerane, Germany, April 24, 2013. THE CANADIAN PRESS/AP, Jens Meyer

AURORA, Ont. – Magna International Inc. (TSX:MG) had US$458 million of net income in its fourth quarter as sales jumped 14 per cent from a year earlier.

The Canadian auto parts giant’s sales sales during the three months ended Dec. 31 rose to US$9.174 billion from US$8.033 billion.

Magna has been benefitting from strong vehicle sales by its customers and says its North American production in the quarter was up six per cent from last year while European production rose five per cent.

The Ontario-based company is raising its quarterly dividend by 19 per cent to 38 cents per share, starting with the March 28 payment.

The fourth quarter profit equalled $2.03 per share on a diluted basis under standard accounting.

Magna’s adjusted earnings totalled $607 million, up from $387 million a year earlier, when its net income was $351 or $1.49 per share.

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