August 11, 2010 / 8:28 PM / 7 years ago

UPDATE 1-Linamar beat forecasts as auto sector revives

* Q2 EPS C$0.41 vs year-earlier share loss C$0.16

* Analysts expected C$0.35/shr

* Revenue up 50 percent at C$568.4 million

TORONTO, Aug 11 (Reuters) - Linamar Corp (LNR.TO) reported a quarterly profit on Wednesday, with the pick-up in the auto industry helping the Canadian maker of parts and other precision machined components beat analysts’ expectations.

Earnings came in at C$26.6 million ($25.3 million), or 41 Canadian cents an adjusted share, for the second quarter.

That compares with a loss of C$48.4 million, or 16 Canadian cents, a year earlier, when customers General Motors Co [GM.UL] and Chrysler went into and emerged from bankruptcy protection, leading to temporary plant shutdowns.

Analysts, on average, had expected an adjusted profit of 35 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue at the Guelph, Ontario-based company rose 50.4 percent to C$568.4 million.

Linamar, Canada’s second-largest auto parts company, reported its results after market close. Its shares ended the day down 41 Canadian cents, or 2 percent, at C$19.50 on the Toronto Stock Exchange. The stock is worth nearly twice as much as a year ago when the auto market went into a tailspin.

$1=$1.05 Canadian Reporting by John McCrank; Editing by Frank McGurty

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