TORONTO — Canadian parts giant Magna International Inc. on Friday said fourth-quarter net income in 2019 dipped 3.5 percent to $440 million due in large part to last year’s 40-day strike at General Motors’ U.S. plants and higher costs related to advanced driver-assist systems.
Revenue for the quarter ending Dec. 31 fell 7.3 percent to $9.4 billion as the company reported revenue declines across all four of its major divisions. Magna is the world’s third-largest auto supplier by annual sales to automakers.
The company pinned some of its earnings decline to higher engineering costs in its advanced driver-assist systems (ADAS) business, driven by the launch of three programs that utilize "new technologies." The company anticipates costs on those programs declining in the coming years, Magna CEO Don Walker said.
“What we thought we had to do with the scope of the projects was more than we anticipated,” Walker said Friday on a call with analysts and investors…