Magna’s fourth quarter profit increased to $312 million

Article by Christian Andrei, on February 26, 2012

Magna International Inc.’s quarterly earnings rose significantly as auto production surged in North America. In the fourth quarter, Magna’s profit increased to $312 million, compared with earnings of $224 million in the same quarter the previous year. For the latest quarter, the sales at North America's biggest auto parts maker increased by 13% to $7.25 billion, boosting revenue for the full-year of 2011 to $28.7 billion.

Its vehicle production climbed 15% in North America from the same quarter the previous year. However, it fell 4% in Europe. Magna said that for 2012, it remains focused on improving its European operations and the launch of its new facilities. Magna predicted that this year’s sales will reach $28 billion to $29.5 billion.

Its vehicle production in North American increased by 10% to 13.1 million vehicles in 2011. These include a 15% increase in the fourth-quarter to 3.43 million units. The U.S. sales of cars and light trucks rose by 10% to 12.8 million last year. Furthermore, Magna was able to raise its dividend to 27.5 cents a share from 25 cents. This is its first increase since February 2011.

Topics: magna, profit

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