Magna has recorded 2019 net income down 23% to US$1.77bn, while sales fell 3% to US$39.4bn.

For the three months ending 31 December, 2019, Magna posted consolidated sales down 7% to US$9.4bn, with a 40-day labour strike at General Motors, which started in September last year and extended into late October, having a negative impact on North American light vehicle production.

Net income attributable to Magna International decreased US$16m in the fourth quarter of 2019 compared to the fourth quarter of 2018 primarily as a result of lower income from operations before income taxes, partially offset by lower income taxes and lower income attributable to non-controlling interests.

“2019 was a challenging year on a number of fronts, however we continued to make significant investments in new technologies to support customer plans to produce lighter, safer, and cleaner vehicles,” said Magna CEO, Don Walker.

“I believe we are as well-positioned as ever to continue to grow.”

For his part, Magna CFO, Vince Galifi added: “Our financial strategy is focused on maintaining a strong balance sheet, investing in the business, and returning capital to shareholders. In 2019, we invested US$2bn in our business and returned US$1.7bn to our shareholders between share buybacks and dividends.

“Our 10% dividend increase, the eleventh consecutive annual increase, reflects the confidence that both management and our board have in Magna’s future.”