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Magna International Trims FY18 Outlook, Declares Dividend - Quick Facts

Automotive supplier Magna International Inc. (MG.TO,MGA) on Thursday reduced its guidance for the fiscal 2018, to reflect its third quarter 2018 results, as well as fourth quarter 2018 expectations for lower light vehicle production, lower equity earnings in its European transmission joint venture and higher costs in its Body Exteriors & Structures segment.

The company now expects full-year adjusted net income attributable to company in a range of $2.3 billion to $2.4 billion, on total sales between $40.3 billion and $41.4 billion.

This compares to the previous guidance for adjusted net income in the range of $2.4 billion to $2.6 billion on net sales between $40.3 billion and $42.5 billion.

Additionally, the company's Board of Directors declared a quarterly dividend of $0.33 on its outstanding Common Shares for the quarter ended September 30, 2018, payable on December 7, 2018 to shareholders of record on November 23, 2018.

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