By Giulia Petroni
Magna International Inc. on Friday reported a fall in fourth-quarter profit and backed its outlook.
The Canada-based mobility-technology company earned a quarterly profit of $440 million, or $1.43 a share, compared with $456 million, or $1.37 a share, for the same period last year. Excluding items, Magna International reported an adjusted profit of $1.41 a share for the quarter, compared with $1.63 last year.
Sales fell to $9.40 billion from $10.14 billion the previous year.
The company attributed the decrease partly to a labour strike at General Motors Co., which had a negative impact on sales and profits for both the third and fourth quarters of 2019.
Magna International said it raised its quarterly cash dividend by 10% to 40 cents a share.
The company backed its outlook for 2020, saying it didn't make any adjustments in relation to the coronavirus, as it is difficult at this stage to forecast the impact of the epidemic on its facilities in China or any adverse impact on the region's economy.
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