Magna International, the largest North American parts supplier, said its fourth-quarter net income surged 185 percent to $271 million from a year earlier due in part to steadier new-vehicle production globally.
The company, based near Toronto, reported sales on the quarter ended Dec. 31 of $10.45 billion, a 9.3 percent rise from the same period in 2022. Magna said it benefited from higher new-vehicle assemblies worldwide and the launch of new programs.
The rises in fourth-quarter sales and net income came despite the impact of last year's UAW strike, which Magna said negatively impacted its quarterly sales by about $275 million.
"As we begin 2024, we remain focused on delivering on our short- and long-term growth, while emphasizing margin expansion, increasing free cash flow and driving returns on investment," Magna CEO Swamy Kotagiri said in a statement on Friday.
For the full year, Magna sales rose 13 percent from 2022 to $42.8 billion, with net income more than doubling to $1.21 billion.