March 9, 2011 / 9:33 PM / 7 years ago

UPDATE 2-Linamar quarterly earnings beat expectations

* Q4 adjusted EPS C$0.31 vs C$0.17

* ThomsonReuters I/B/E/S Q4 EPS forecast $0.26

* Q4 revenue up 31 pct (Recasts with outlook, analyst forecast, stock price)

VANCOUVER, March 9 (Reuters) - Linamar Corp (LNR.TO) posted a market-beating quarterly profit on Wednesday and the Canadian auto parts maker forecast continued growth as the auto sector recovers and demand from Asia and the United States picks up.

“Sales, earnings, content per vehicle, global market presence and booked business launches are all growing, poising Linamar for continued successful growth in the coming years,” Chief Executive Linda Hasenfratz said.

Linamar, Canada’s second biggest car parts maker after Magna International Inc (MG.TO), reported a 32 percent rise in net income to C$19.2 million ($19.8 million) for the three months to end-December.

Earnings adjusted for unusual items nearly doubled to C$20.2 million from C$10.7 million before.

Adjusted earnings amounted to 31 Canadian cents a share, up from 17 Canadian cents a share in the fourth quarter of 2009.

That was above analysts’ average estimate for earnings of 26 Canadian cents a share, according to ThomsonReuters I/B/E/S.

Revenue rose to C$593.7 million from C$451.9 million, driven by increased demand in the United States and Asia.

Linamar’s shares closed up 13 Canadian cents at C$21.38 on the Toronto Stock Exchange before the results were released. The stock is up 15 percent in the past year.

$1=$0.97 Canadian Reporting by Nicole Mordant; editing by Rob Wilson

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