Linamar reports second-quarter profit and revenue up from year ago | iNFOnews | Thompson-Okanagan's News Source

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Linamar reports second-quarter profit and revenue up from year ago

GUELPH, Ont. - Linamar Corp. (TSX:LNR) said Wednesday it earned $42.1 million in its latest quarter, up from $28 million a year ago, helped by a nearly 15 per cent increase in sales.

The auto parts maker said the profit amounted to 65 cents per share for the quarter ended June 30, up from 43 cents per share a year ago.

Sales increased to $852.3 million from $742.7 million in the second quarter of 2011.

The average analyst estimate had been for a profit of 61 cents per share on $858 million in revenue, according to data compiled by Thomson Reuters.

Sales in the company's powertrain-driveline business increased to $703.7 million, up from $642.7 million, helped by new programs in Canada, Mexico and Asia as well as new and expanded facilities in Germany and increased consumer demand in the U.S.

Industrial sales, which includes the company's Skyjack business, increased to $148.6 million from $100 million a year ago.

"In addition with a solid quarter of free cash flow we continue to drive a very strong balance sheet at Linamar," chief executive Linda Hasenfratz said in a statement.

"Our launches are driving great growth in the near term, and our competitive strength and an opportunistic market is helping us build for long term sustainable growth at Linamar."

Guelph, Ont.-based Linamar, which ranks second to Magna International among Canadian auto parts makers, manufactures highly engineered modules and systems for engines, transmissions and driveline systems in cars and trucks.

The company also makes components for other industrial customers, including the wind energy industry.

News from © The Canadian Press, 2012
The Canadian Press

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