UPDATE: Magna Posts Upbeat Q4 Earnings, Lowers Revenue Outlook

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Magna International Inc
MGA
reported stronger-than-expected earnings for the fourth quarter. However, the company lowered its revenue outlook for 2015. The company's board also approved a 2-for-1 stock split and lifted its quarterly dividend by 16% to $0.44 per share from $0.38 per share. Net income attributable to Magna International climbed to $509 million, or $2.44 per share. Its sales gained around 2% to $9.39 billion. However, analysts were estimating earnings of $2.24 per share on revenue of $9.08 billion. Complete vehicle assembly sales slipped 9% to $721 million in the quarter, while complete vehicle assembly volumes dropped 10% to about 33,000 units. Adjusted EBIT climbed 17% to $712 million from $607 million. Don Walker, Magna's Chief Executive Officer said, "We are pleased with last year's strong financial performance, which was the direct result of improved operating earnings in every reporting segment compared to 2013. While the recent strengthening of the U.S. dollar has impacted our reported results, we remain optimistic about Magna's future and continue to invest heavily in capital and innovation to support our future growth in North America, Europe and Asia." For 2015, Magna lowered its outlook for total production sales to $28.2 billion to $29.5 billion, compared to $29.2 billion to $30.5 billion. It also cut its production sales forecast in Europe to $8.3 billion to $8.7 billion, versus $9.0 billion to $9.4 billion. Magna now expects total revenue of $33.1 billion to $34.8 billion, versus earlier forecast of $34.4 billion to $36.1 billion. Magna shares fell 1.33% to close at $102.25 yesterday.
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Posted In: EarningsNewsGuidanceprofit
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