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February 22, 2019

Magna Q4 net income up 22% to US$456m

Magna has revealed fourth-quarter net income up22% to US$456m, while sales rose 5% to USUS$10.1bn.

By Rhodri Morgan

Magna has revealed fourth-quarter net income up 22% to US$456m, while sales rose 5% to USUS$10.1bn.

Full-year sales were up 12% to US$40.8bn, with net income rising from US$2.196bn to US$2.296bn.

“We posted a number of records in 2018 including sales that surpassed US$40bn, earnings and free cash flow generation,” said Magna CEO, Don Walker.

“We also continued to optimise our product portfolio and to enhance value for shareholders with the announced divestiture of our Fluid Pressure and Controls business, as well as investments in smaller technology-oriented businesses.

“Looking forward, we are well-positioned to continue to grow with our traditional customers as well as new entrants to the industry.”

For his part, Magna CFO, Vince Galifi added: “”Our financial strategy remains focused on maintaining a strong balance sheet, reinvesting in the business and returning capital to shareholders.

“In 2018, we returned US$2.3bn to our shareholders between share buybacks and dividends while simultaneously investing US$1.7bn in fixed assets.

“Our 11% dividend increase, the tenth consecutive annual increase, reflects the confidence that both management and our Board have in Magna’s future.”

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