UPDATE 1-Linamar posts higher first-quarter results

Wed May 8, 2013 3:57pm EDT
 
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May 8 (Reuters) - Canada's second-biggest auto parts maker, Linamar Corp, posted record net earnings on Wednesday, helped by higher sales and margin improvements, and said it expected to maintain double digit earnings growth in 2013.

Net earnings for the first quarter ended March 31 rose 22 percent to C$48.4 million ($48.26 million), or 75 Canadian cents per share, above the C$39.6 million, or 61 Canadian cents per share the company earned during the same period a year ago.

Sales for the first quarter were up $6.8 million at C$846.6 million. The company saw higher sales in North America, Europe and Asia, but results were partly offset by declines in the commercial vehicle markets in North America and Europe.

Operating earnings rose 24.7 percent to C$71.7 million. The company said margins improved on increased production volumes, productivity and efficiency improvements.

Shares were up 4.5 percent at C$25.62 on the Toronto Stock Exchange.