VANCOUVER, British Columbia -- Auto parts maker Magna International Inc. posted a higher fourth-quarter profit on Monday on record sales.
The company said it had a net income of $178 million, or $1.81 per share, in the quarter ended Dec. 31. That compared with a profit of $139 million, or $1.35 per share, in the same period a year earlier.
Aurora, Ontario-headquartered Magna said sales in the quarter were a record $5.7 billion, up from $4.6 billion in the year-ago quarter.
The company, which produces parts and assembles cars for automakers, said the sales jump reflected an 18 percent increase in North American content per vehicle and a 44 percent jump in European vehicle content.
Magna said it expects sales in in 2005 to be between $21.7 billion and $23.1 billion, up from the $20.7 billion it recorded in 2004, although it said the estimate does not reflect the impact of potential acquisitions.
It said it expects 2005 average dollar content per vehicle to be between $700 and $725 in North America and between $315 and $335 in Europe.
Magna is already in the process of taking its Decoma International Inc., Intier Automotive and Tesma International units private in a bid to simplify its corporate structure.
Decoma shareholders approved their deal on Monday. Tesma's privatization was concluded on Feb. 6.