The industrial division of Linamar Group increased its sales by 38.6 percent for the first quarter of 2018 compared to the same period last year.
The industrial division of Linamar Group, which is comprised mainly of access manufacturer Skyjack, increased its sales by 38.6 percent for the first quarter of 2018 compared to the same period last year. Operating earnings were up 63.1 percent, which Linamar attributed to increased sales related to the acquisition of MacDon and market share gains and volumes for booms and telehandlers.
Sales increased to $397.5 million in Q1 2018 from Q1 of 2017. The company said while increased volumes for telehandlers in North America pushed sales upward, these figures were partially offset by an impact on sales from the changes in foreign exchange rates from Q1 2017; lower volumes for scissors in Europe as a result of a shift in order timing from Q1 to Q2 for certain key customers; and lower market share for scissors in Asia due to sales increasing in countries the companies does not sell to.
Group wide, operating earnings were up 11.8 percent to $214.9 million.
“We are thrilled with another quarter of record sales growing in double digits and record levels of content per vehicle in every region,” said Linamar CEO Linda Hasenfratz. “We are particularly happy to see double digit operating earnings growth as well despite lower markets in North American automotive and unfavorable exchange rate changes. The key to continuing our strong performance is an intense focus on new business wins which we are delivering on in spades in the most opportunistic sourcing environment in the automotive sector we have ever seen. Concurrently excellent growth opportunities in robust markets for our Skyjack and MacDon businesses is painting an excellent picture of global prosperity for Linamar in the future.”