Magna International Guides FY21 Total Sales Above View; Hikes Dividend 8% - Quick Facts

While reporting financial results for the fourth quarter on Friday, automotive supplier Magna International Inc. (MG.TO,MGA) initiated its net income and sales outlook for the full-years 2021 and 2023.

For fiscal 2021, the company continues to project net income attributable to company in a range of $2.1 billion to $2.3 billion, on total sales between $40.0 billion and $41.6 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $6.45 per share on sales of $38.45 billion for the year. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now expects total sales to reach between $43.0 billion and $45.5 billion.

Additionally, the company's Board of Directors declared an 8 percent higher quarterly cash dividend of $0.43 on its outstanding Common Shares for the fourth quarter, payable on March 19, 2021 to shareholders of record as of the close of business on March 5, 2021.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Ford Motor is increasing the entry-level price of its electric F-150 Lightning pickup citing rising costs and supply chain issues amid increasing demand. This is the second price hike after a recent increase in August. The starting price of the 2023 model year pickup will be raised by $5,000 by October 24, reports said citing an email statement. Constellation Brands, Inc. (STZ) said it delivered another quarter of strong business performance. Beer Business achieved double-digit net sales growth for the quarter, while Wine and Spirits net sales rose 1%. The solid top-line performance of its Beer and Wine and Spirits Businesses in the first half... Tyson Foods announced its "OneTyson" plan, under which it will bring together corporate team members from three corporate locations in Illinois and South Dakota to its world headquarters in Arkansas. Team members from the corporate locations of Chicago, Downers Grove in Illinois, and Dakota Dunes area in South Dakota are expected to begin the phased relocation in early 2023 to Springdale.
Follow RTT