Linamar posts higher quarterly results as sales climb
TORONTO (Reuters) - Linamar Corp (LNR.TO: Quote), Canada's second-biggest auto parts maker, reported higher net earnings for the fourth quarter on Wednesday, bolstered by stronger sales in North America, Asia and Europe.
Net earnings attributable to shareholders rose to C$68.7 million, or C$1.06 per share, more than double the C$30.7 million, or 47 Canadian cents per share, the company earned during the same period a year ago.
Adjusted net earnings were C$55 million, or 85 Canadian cents a share. Revenue rose to C$926.1 million from C$756.5 million in 2012.
On average, analysts had expected earnings of 71 Canadian cents a share and revenue of C$861.7 million according to Thomson Reuters I/B/E/S.
"Financially, we saw double-digit sales growth, driven by market share growth," Chief Executive Linda Hasenfratz said in a statement of the performance in 2013.
Hasenfratz said earnings growth helped drive margins to above-target levels and also boosted cash levels, which will help the company pay down debt.
"At the same time, we registered record levels of new business wins to solidify our growth over the next several years," she added.
Sales for the company's powertrain/driveline segment rose 21.7 percent during the quarter, while product sales in its industrial segment climbed 27.9 percent.
Shares of Linamar, which reported after markets closed, ended at C$49.30 on the Toronto Stock Exchange on Wednesday, just shy of a record hit on Tuesday of C$49.59.
(Reporting by Solarina Ho; Editing by Leslie Adler)
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