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UPDATE 1-Auto parts maker Magna gets boost from Europe, N.America demand

Published 2016-02-26, 05:37 a/m
© Reuters. UPDATE 1-Auto parts maker Magna gets boost from Europe, N.America demand
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(Adds details)
Feb 26 (Reuters) - Canadian auto parts maker Magna
International Inc MG.TO MGA.N reported a rise in quarterly
sales, excluding the impact of a strong U.S. dollar, helped by
healthy demand in Europe and North America.
The company said on Friday that it also increased its
quarterly cash dividend to 25 cents per share from 22 cents.
Magna, whose customers include General Motors Co (N:GM) GM.N
Volkswagen AG VOWG_p.DE , BMW BMWG.DE and Ford Motor (N:F) Co
F.N , is a major auto parts supplier and also engineers and
assembles vehicles for automakers.
Aurora, Ontario-based Magna said vehicle production volume
rose about 7 percent in Europe and about 4 percent in North
America in the fourth quarter ended Dec. 31.
Excluding the impact of the U.S. dollar, sales increased 6
percent, the company said. Reported sales was $8.57 billion,
down about 2.5 percent, or about $222 million.
The strong dollar reduced sales by about $770 million in the
quarter, said Magna, which gets about half of its total revenue
from outside North America.
The average value of the dollar against a basket of
currencies .DXY was 11.7 percent higher in the fourth quarter
compared with the same quarter a year earlier.
Net income from continuing operations attributable to Magna
fell 6.4 percent to $483 million, or $1.19 per share.

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