Linamar shares rise after company reports higher earnings and sales
by CM Staff
Executive chair and CEO Linda Hasenfratz also says the company is looking forward to another year of double-digit growth in revenue and profits for 2024.
Shares in Linamar Corp. rose more than 11 per cent on Mar. 7 after the company raised its dividend and reported its fourth-quarter profit and sales rose compared with a year ago.
Executive chair and CEO Linda Hasenfratz also says the company is looking forward to another year of double-digit growth in revenue and profits for 2024.
The Guelph, Ont.-based manufacturing company reported late on Mar. 6 that it earned $104.4 million or $1.69 per diluted share in the fourth quarter of 2023, up from $92.2 million or $1.49 per diluted share a year earlier. Sales for the quarter rose to $2.5 billion from $2.1 billion.
On a normalized basis, the company says it earned $1.98 per diluted share in its latest quarter, up from a normalized profit of $1.61 per per diluted share a year earlier.
Linamar also announced on Mar. 6 that it will now pay a quarterly dividend of 25 cents per share, up from 22 cents.
Shares in the company closed up $7.27 at $70.82 on the Toronto Stock Exchange.
