GUELPH, Ont.—Auto parts maker Linamar Corp. has ridden a 15.5 per cent surge in sales to a more than 50 per cent increase in profit in the third quarter.
The Guelph, Ont.,-based company reported Wednesday that net income soared to $52 million or 80 cents per share in the three months ended Sept. 30, up from $33.7 million or 52 cents in the same period a year ago.
Quarterly sales hit $893.3 million, up from $773.4 million.
“We are delighted to register another solid quarter of double-digit sales and earnings growth along with solid free cash flow, both driving continued building of margins and returns,” said CEO Linda Hasenfratz.
The company also saw what Hasenfratz called “a huge quarter in new business wins” and now has a launch book of more than $2.6 billion.
“The completion of our assembled camshaft division acquisition will support our future growth by adding another critical tool to our technology and innovation toolbox,” she added.
“The combination of these new business opportunities with the fantastic results for the quarter adds up to a great recipe for continued success.”