Magna International Inc. (MGA,MG.TO), a Canadian mobility technology company for automakers, reported Friday that its fourth-quarter net income attributable declined to $464 million from last year’s $738 million. Earnings per share were $1.54, compared to $2.45 a year ago.
Adjusted earnings per share were $1.30, compared to $2.83 last year.
On average, 12 analysts polled by Thomson Reuters expected earnings of $2.10 per share for the quarter. Analysts’ estimates typically exclude special items.
Adjusted EBIT fell to $508 million from $1.10 billion last year.
Sales of $9.11 billion decreased 14 percent from $10.57 billion a year ago. This is compared to a 17 percent decrease in global light vehicle production.
Analysts expected sales of $10.49 billion for the quarter.
Further, the Board of Directors declared a fourth quarter dividend of $0.45 per Share, a 5 percent increase. The dividend is payable on March 11 to shareholders of record as of the close of business on February 25.
Looking ahead for fiscal 2022, the company projects attributable net income of $1.7 billion to $1.9 billion, adjusted EBIT margin of 6.0 percent to 6.4 percent, and total sales of $38.8 billion to $40.4 billion. Analysts expect sales of $43.41 billion for the year.
In fiscal 2021, the company’s net income was $1.51 billion, and total sales were $36.24 billion.
Further, for fiscal 2024, adjusted EBIT margin is expected to be 8.1 percent to 8.6 percent and total sales to be $44.6 billion to $47.1 billion.
Separately, Magna announced the Board has selected Robert MacLellan, currently Audit Committee Chair, to succeed William Young as Board Chair following annual meeting scheduled for May 3.
Young has communicated his intention to retire at the end of his current term.
Peter Bowie will succeed MacLellan as Audit Committee Chair.
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