Ontario’s Linamar reports net profit up 52.7% to $79.4M in Q3
by The Canadian Press
Linamar said sales accelerated 14.3 per cent in quarter to $1.02 billion from $891.3 million in same quarter last year
GUELPH, Ont.—Linamar Corp. reported double-digit increases in sales and earnings in the third quarter and says new business wins position it well for growth over the next five years.
The Ontario-based maker of driveline components for passenger vehicles and on- and off-road industrial vehicles reported after markets closed Nov. 4 that net earnings in the three months ended Sept. 30 rose 52.7 per cent to $79.4 million or $1.23 per share from $52 million or 80 cents in the comparable year-earlier period.
Sales accelerated 14.3 per cent to $1.02 billion from $891.3 million.
“We are very pleased to report another outstanding quarter of double-digit top- and bottom-line growth and margin expansion,” CEO Linda Hasenfratz said in the company’s earnings report.
“We have had an exceptional quarter on several fronts; financially of course, but also in terms of excellent new business wins to drive continued substantial growth over the next five years.”
