Linamar Q2 profit and sales up from year ago
GUELPH, Ont. - Linamar Corp. (TSX:LNR) reported Wednesday an increase in quarterly profits as sales gained 6.6 per cent compared with a year ago.
The auto parts maker said it earned $33.7 million or 52 cents per share for the quarter ended Sept. 30, up from $21.5 million or 33 cents per share a year ago.
Sales improved to $773.4 million, up from $725.6 million.
Linamar said sales for its powertrain-driveline business increased to $671.4 million for the quarter compared with $636.3 million, while its industrial business increased sales to $102 million from $89.3 million.
"We are very pleased to see another strong quarter in the third quarter in both sales and earnings growth," Linamar chief executive Linda Hasenfratz said.
"Our substantial launch book is 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."
Linamar manufactures 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.
A 1967 Shelby GT500 Super Snake sold for $1.3 million. Do you think classic cars were made better than modern rides?
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- Yes, the quality of cars from the 1960s and '70s is the best
- No, modern technology makes cars better today
- Maybe, it's hard to say since most Canadians get a new car every 10 years