UPDATE 3-Magna lifts outlook, dividend after topping forecasts

Fri Mar 1, 2013 4:13pm EST
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* Sees 2013 total sales of $32 bln-$33.4 bln

* Sees 2013 total production sales of $27 bln-$28 bln

* Expects $150 mln restructuring charge in 2013

* Increases dividend by 16 percent to 0.32 cents

By Solarina Ho

TORONTO, March 1 (Reuters) - mgCanadian auto parts maker Magna International Inc raised its full-year sales forecast on Friday and sweetened its quarterly dividend after a fourth-quarter performance that beat expectations.

Shares of Magna, one of the world's largest parts makers, rose after it said its North American operations helped drive total sales last year to a record high. That mirrored a robust, double-digit recovery for vehicle sales in the United States.

The Aurora, Ontario-based company, which is sitting on about $1 billion in cash, also raised its quarterly dividend by 16 percent, to a record 32 cents a share.

"When you put all that together ... the stock is reacting positively on a pretty choppy day in the market," said Todd Coupland, an analyst at CIBC.   Continued...