May 27th, 2024

Linamar reports earnings up in first quarter to $178.5 million

By The Canadian Press on May 8, 2024.

Linamar Corp. logo is shown in this undated handout photo. THE CANADIAN PRESS/HO, Linamar Corp. *MANDATORY CREDIT*

GUELPH, Ont. – Linamar Corp. says earnings were up in its first quarter from last year as revenue rose on market share growth and acquisitions.

The auto parts manufacturer says it had net income of $178.5 million for the quarter ended March 31, up from $117 million in the same quarter last year.

Sales totalled $2.72 billion, up from $2.29 billion last year.

Linamar says sales in its industrial segment were up 24.5 per cent thanks to both market share growth for combine equipment and its acquisition of Bourgault, a farm equipment manufacturer.

It says sales in its mobility quarter were up 16.7 per cent, boosted both by acquisitions in Linamar Structures and its launching of programs and increased volumes.

Linamar says normalized earnings were $159.6 million, up from $121.7 million last year.

This report by The Canadian Press was first published May 8, 2024.

Companies in this story: (TSX:LNR)

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