Linamar reports first quarter profit of $48.4M
By CANADIAN PRESSGeneral Automotive Linamar profits
Canadian auto parts maker's profits up from $38.4M a year ago.
GUELPH, Ont. — Linamar Corp. said Wednesday it earned $48.4 million in its first quarter, up from $38.4 million a year ago, helped by improved margins. The auto parts maker said the profit amounted to 75 cents per share for the quarter ended March 31, up from 61 cents per share a year ago. Sales were $846.6 million, up from $839.8 million. Linamar chief executive Linda Hasenfratz said the results were a new record for the company.
“Launches are performing extremely well, our launch book continues to grow and a strong focus on efficiency and productivity is driving fantastic margin improvement,” Hasenfratz said in a statement. “Despite a reasonably flat outlook for global markets our outlook remains extremely positive for double digit earnings growth in 2013.”
The improved earnings came as the company’s powertrain business reported an operating profit of $57.5 million, up from $51 million a year ago. Linamar’s industrial business earned an operating profit of $14.2 million, up from $6.5 million in the first quarter of 2012.
Linamar makes modules and systems for engines, transmissions and driveline systems for the automotive industry as well as components for other industrial customers, including the wind energy industry.
© 2013 The Canadian Press