AURORA, Ont. – Magna International Inc. (TSX:MG) says the strong American dollar had a significant negative effect on its fourth-quarter revenue, that is reported in U.S. currency.
The Canadian autoparts giant located in Aurora, Ont., says its sales during the last 3 months of 2015 were $8.6 billion, down three percent from $8.8 billion last year.
It states that included a $770-million hit in the weaker Canadian dollar and also the euro from the U.S. dollar.
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Sales revenue could have been up six per cent in the fourth quarter of 2014 without the currency fluctuation.
Magna’s net gain from continuing operations was also down year-over-year, visiting 6.4 per cent to $483 million from $516 million. Earnings per share dropped to $1.19 from $1.23.
Its leader, Don Walker, says Magna’s outcome was strong in addition to the impact of currency fluctuation and it is board of directors increased the quarterly dividend, which rises by 14 percent to 25 cents per share with the March payment.
