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Magna International Cuts FY19 Outlook; Declares Dividend - Quick Facts

While reporting financial results for the third quarter on Friday, automotive supplier Magna International Inc. (MG.TO,MGA) lowered its net income and sales outlook for the full-year 2019, largely to reflect estimated lost volume related to the GM strike and higher launch costs.

For fiscal 2019, the company continues to expect net income attributable to company in a range of $1.8 billion to $1.9 billion, on total sales between $38.7 billion and $39.8 billion.

Previously, the company expected net income attributable to company in a range of $1.9 billion to $2.1 billion, on total sales between $38.9 billion and $41.1 billion.

On average, 15 analysts polled by Thomson Reuters expect the company to report earnings of $6.01 per share on sales of $39.77 billion for the year. Analysts' estimates typically exclude special items.

Additionally, the company's Board of Directors declared a quarterly cash dividend of $0.365 on its outstanding Common Shares for the quarter ended September 30, 2019, payable on December 6, 2019 to shareholders of record on November 22, 2019.

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