(Toronto) Magna International on Friday posted fourth-quarter profit down 79.5% from the same period last year, while sales rose 5%.
The automotive parts specialist raked in a profit of US$95 million, or US$33 cents per share, for the quarter ended Dec. 31, compared with US$464 million, or US$1.54 per share, for last three months of 2021.
Sales totaled US9.57 billion, up from US9.11 billion a year earlier.
In addition, Magna announced a 1 cent increase in its quarterly dividend to 46 cents per share.
On an adjusted basis, Magna earned earnings per share of 91 cents US for the fourth quarter, down from US$1.30 in the same period a year earlier.
Analysts on average had expected adjusted earnings of US$1.02 per share, according to financial data firm Refinitiv.