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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.

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