November 11, 2010 / 10:40 PM / 7 years ago

UPDATE 1-Linamar's Q3 profit lags estimates; CFO resigns

* Q3 EPS C$0.32 vs est C$0.34

* Q3 rev C$556.3 mln vs est C$560.2 mln

* CEO to assume CFO’s role in the interim

Nov 11 (Reuters) - Linamar Corp (LNR.TO) posted a quarterly profit that trailed estimates, partly hurt by a decline in demand in the agricultural equipment markets, and said its chief financial officer has resigned.

For the July-September quarter, the Canadian maker of auto parts and other precision machined components posted a net income of C$21 million, or 32 Canadian cents a share, compared with a loss of C$500,000, or 1 cent a share, last year.

Analysts on an average were expecting the company to earn 34 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Sales rose 32 percent to C$556.3 million, while analysts were expecting C$560.2 million.

The company said its Chief Financial Officer Edward Mahood has resigned and the Chief Executive Linda Hasenfratz will serve as CFO till a replacement is identified.

The company’s shares, which have gained about 61 percent year-to-date, closed at C$22.39 on Thursday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Roshni Menon) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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