March 6, 2013 / 9:42 PM / 5 years ago

Linamar posts higher profit on U.S., Asia demand

TORONTO (Reuters) - Linamar Corp (LNR.TO), Canada’s second-biggest auto parts maker, reported a 14 percent rise in fourth quarter earnings on Wednesday, helped by higher demand in the United States and Asia, although results were tempered by softer demand in Europe.

Net earnings for the fourth quarter rose to C$30.7 million, or 47 Canadian cents a share, up from C$27 million, or 42 Canadian cents a share, during the same period a year ago.

Revenue rose 5.4 percent to a record C$756.5 million, the company said.

“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,” said chief executive Linda Hasenfratz in a statement.

Linamar, which reported results after markets closed, ended Wednesday’s trading session up 0.7 percent at C$26.02 on the Toronto Stock Exchange.

Reporting by Solarina Ho; Editing by Leslie Adler and Andre Grenon

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