A Linamar Corp. logo is shown in an undated handout.THE CANADIAN PRESS/HO-Linamar Corp. *MANDATORY CREDIT*
GUELPH, Ont. – Shares in Linamar Corp. were up almost 12 per cent after the company raised its dividend and reported its fourth-quarter profit and sales rose compared with a year ago.
Executive chair and CEO Linda Hasenfratz also says the company is looking forward to another year of double-digit growth in revenue and profits for 2024.
The Guelph, Ont.-based manufacturing company reported late Wednesday that it earned $104.4 million or $1.69 per diluted share in the fourth quarter of 2023, up from $92.2 million or $1.49 per diluted share a year earlier. Sales for the quarter rose to $2.5 billion from $2.1 billion.
On a normalized basis, the company says it earned $1.98 per diluted share in its latest quarter, up from a normalized profit of $1.61 per per diluted share a year earlier.
Linamar also announced Wednesday that it will now pay a quarterly dividend of 25 cents per share, up from 22 cents.
Shares in the company were up $7.60 at $71.15 in early afternoon trading on the Toronto Stock Exchange.
This report by The Canadian Press was first published March 7, 2024.
Companies in this story: (TSX:LNR)
