Magna International shares (TSX:MB) hit a fresh all-time high Wednesday after the auto parts maker's fourth-quarter results beat estimates and the company announced a stock split and dividend increase.
Magna gained $8.92 or seven per cent to trade for $136.60 in mid-morning trading at the Toronto Stock Exchange.
The stock's previous high was $130.95, set during the Tuesday trading session before the stock closed at $127.68.
Magna says its dividend will rise to the equivalent of 44 cents per share with the March 27 payment to shareholders, or 22 cents per share after the company does a two-for-one stock split on March 25.
The Ontario-based parts maker said earlier it earned US$1.9 billion last year, up 20 per cent from 2013. That included a fourth-quarter profit of US$509 million, or $2.44 per share — which was better than analyst estimates.
Analysts had expected on average a profit of US$2.25 per share, according to Thomson Reuters.
Magna's fourth quarter profit was up 11 per cent from US$458 million or $2.03 per share in 2013. Sales for the quarter ended Dec. 31 totalled US$9.4 billion, up about $222 million or 2.4 per cent from the fourth quarter of 2013.
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