Linamar rides record revenues to big Q1 profit increase
Revenues surpass $1 billion, a 23.2% increase over the same period in 2013.
GUELPH, Ont. — Linamar Corp. says net earnings increased sharply in the first quarter as revenue soared to more than $1 billion, a 23.2% increase over the comparable period in 2013.
The Ontario-based maker of driveline components for passenger vehicles and on- and off-road industrial vehicles reported May 7 that net earnings rose to $79.7 million from $48.4 million in the year-earlier period.
Revenue was a record $1.04 billion in the three months ended March 31, up from $846.6 million.
Linamar said its powertrain/driveline and industrial segments both delivered strong growth in the quarter, with the powertrain segment up $153.2 million or 21.6% compared with the 2013 quarter. The industrial segment’s product sales increased 31.2% or $42.9 million to $180.4 million.
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