Magna International Inc raises dividend but earnings hit by strong American dollar
October 8, 2019
AURORA, Ont. — Magna International Inc. (TSX:MG) says the strong American dollar had a significant negative impact on its fourth-quarter revenue, which is reported in U.S. currency.The Canadian autoparts giant based in Aurora, Ont., says its sales for the last three months of 2015 were $8.6 billion, down three per cent from $8.8 billion a year earlier.It says that included a $770-million hit from the weaker Canadian dollar and the euro against the U.S. dollar.Linamar stock rout doesn’t reflect auto-industry reality, CEO saysBelinda Stronach’s latest makeover sees her drinking from the fountain of youth with new ‘ingestible beauty products’How Magna International Inc is looking to startups for the next big thing in the auto industrySales revenue would have been up six per cent from the fourth quarter of 2014 without the currency fluctuation.Magna’s net income from continuing operations was also down year-over-year, dropping by 6.4 per cent to $483 million from $516 million. Earnings per share dropped to $1.19 from $1.23.Its chief executive, Don Walker, says Magna’s results were strong apart from the impact of currency fluctuation and its board of directors increased the quarterly dividend, which rises by 14 per cent to 25 cents per share with the March payment.