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Linamar reports fourth-quarter profit and sales up from year ago mark
GUELPH, Ont. - Auto parts maker Linamar Corp. (TSX:LNR) said Wednesday it earned $30.7 million in its latest quarter, up from $27 million a year ago, helped by a growth in sales.
The company said the profit amounted to 47 cents per share for the quarter ended Dec. 31 compared with a profit of $27 million or 42 cents per share a year ago.
Sales grew to $756.5 million, up from $718 million.
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.
The company said sales for its powertrain-driveline business increased 3.2 per cent to $667.7 million compared with $647 million a year ago, helped by new business and higher volumes, offset by decreased demand in Europe.
Linamar's industrial business sales increased 25.1 per cent from a year ago to $88.8 million, due to increased demand for access equipment.
"Earnings growth continues to outpace sales growth by a significant factor, our balance sheet continues to strengthen positioning us well for continued growth and investment," Linamar chief executive Linda Hasenfratz said in a statement.
Shares in the company, which reported its results after the close of markets, were up 17 cents at $26.02 on the Toronto Stock Exchange on Wednesday.
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