Auto parts maker Linamar reports Q3 profit down, shares fall more than 10%
But sales the quarter ending Sept. 30 grew to $1.55 billion, up from $1.46 billion last year.
TORONTO — Shares of Linamar Corp. fell more than 10% in early trading after reporting a drop in third-quarter earnings compared with a year ago, hurt by one-time costs.
Linamar shares were down $9.61 at $67.31 in late-morning trading on the Toronto Stock Exchange.
After the close of markets Nov. 7, the auto parts maker said it earned $107.3 million or $1.62 per diluted share in its third quarter.
That compared with a profit of $122.2 million or $1.86 per share a year ago.
However, the company said that before non-recurring items and foreign exchange impacts its earnings increased 9.2 per cent.
Sales for the three months ended Sept. 30 grew to $1.55 billion, up from $1.46 billion in the same quarter last year.
LInamar is involved with the “Building an Advanced Manufacturing” Supercluster (Ontario). It aims to supercharge manufacturing competitiveness by building an Industry 4.0 ecosystem.
The proposal is backed by Communitech Corp. and MaRS Discovery District – one of over 100 firms, including Linamar Corp., Maple Leaf Foods, Miovision Technologies Inc., Myant Inc. and the University of Waterloo.News from © Canadian Press Enterprises Inc. 2016