DETROIT (AP) -- Shares of Magna International Inc. fell Thursday after the Canadian auto parts maker posted a $139 million fourth-quarter loss.
The Aurora, Ontario-based company said its loss was smaller than the $148 million it lost in the same period last year, and it blamed the red ink on declining vehicle production in both Europe and North America, its two primary markets.
The parts supplier's U.S. shares dropped 21 cents, or 0.37 percent, to close Thursday at $57.09.
In the fourth quarter, Magna lost $1.25 per share, slightly better than the $1.33 loss per share reported in 2008.
Excluding special charges and other items, the company said it would have lost 5 cents per share in the quarter. Analysts polled by Thomson Reuters expected an 83 cent per share fourth-quarter profit.
For the year, Magna reported a net loss of $493 million, compared with a $71 million profit in 2008. The net loss amounted to $4.41 per share for the year, compared with a 62-cent per share profit in 2008.
Excluding special charges and other items, the company said it would have lost $2.67 for the year. Analysts expected a $1.82 per share loss.
The company said its complete vehicle assembly sales dropped 47 percent to $1.8 billion last year.
Total sales last year amounted to $17.4 billion, down 27 percent from 2008 figures.
The company also took a $195 million charge mainly for asset impairment and restructuring last year, including $134 million in the fourth quarter.
Magna predicted a better year in 2010 with sales in the range of $19 billion to $20 billion.
The company has 72,500 employees in 25 countries.
