Magna expects this year will build on record high sales, profit in 2017 - NEWS 95.7
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Magna expects this year will build on record high sales, profit in 2017

Last Updated Feb 22, 2018 at 1:00 pm ADT

A Magna International Inc., sign is silhouetted at the company's annual general meeting in Toronto on Friday, May 10, 2013. Magna International Inc. is on track to grow its sales in 2018 but more slowly than last year, when it had record high annual and fourth-quarter sales, the Canadian auto parts maker said Thursday. THE CANADIAN PRESS/Nathan Denette

AURORA, Ont. – Magna International Inc. is on track to grow its sales in 2018 but more slowly than last year, when it had record high annual and fourth-quarter sales, the Canadian auto parts maker said Thursday.

Aurora, Ont.-based Magna, which reports in U.S. currency, said its annual sales increased seven per cent last year to $38.9 billion.

Magna’s fourth-quarter sales rose 12.3 per cent to $10.4 billion, as light vehicle production rose seven per cent in Europe and five per cent in North America during the last quarter of 2017.

Net income attributable to Magna for the quarter grew 16.3 per cent to $556 million, amounting to $1.53 per share.

Adjusted diluted earnings equalled $1.57 per share, two cents above a consensus estimate from Thomson Reuters.

In addition to its quarterly and annual results, Magna reiterated 2018 sales and profit estimates announced last month.

It expects 2018 sales to be from $39.3 billion to $41.8 billion — up 4.2 per cent at the midpoint from $38.9 billion last year.

Net income attributable to Magna is estimated at between $2.3 billion and $2.5 billion — up 9.9 per cent at the midpoint from $2.2 billion last year.

The company also announced its quarterly dividend will rise by 20 per cent to 33 cents a share, with the next payment on March 23.

Companies in this story: (TSX:MG)

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