TORONTO -- Magna International, the world's seventh biggest auto parts maker, reported a weaker than expected fourth-quarter profit Thursday, even as revenues rose 34 percent from the year-earlier period.
Magna said it had profit of $140 million, or $1.38 per share, for the period ended Dec. 31. That is up from income of $110 million, or $1.10 a share, in the previous-year quarter.
Magna posted earnings from operations of $150 million, or $1.48 a share, compared with earnings from operations of $110 million, or $1.10 a share in 2002.
Analysts had forecast, on average, profit of $1.64 a share, according to Reuters Research, a unit of Reuters PLC.
In December, Magna said it would take a charge of 28 cents per share. Eighteen cents is linked to writedowns at subsidiary Decoma International's European operations. The remaining 10 cents relates to the impact of the Ontario government's rollback of corporate income tax cuts.
At the time, Magna had also reiterated its November quarterly forecast of diluted earnings per share from operations in the range of $1.50 to $1.70.
The Aurora, Ontario, company said revenues in the latest quarter rose to $4.6 billion from $3.4 billion, due partly to the strengthening of the Canadian dollar against the U.S. dollar.
The company, which derives much of its business from the Big 3 U.S. automakers, said its content per vehicles rose 21 percent in North America and 64 percent in Europe.