Linamar sees ‘modest increases’ in access equipment markets
By Lindsey Anderson11 August 2010
Sales in the Industrial Segment of Linamar, which includes Skyjack, decreased 17.5% in the second quarter of 2010. Sales were $9.4 million lower than in the same quarter in 2009.
Linamar said the decrease was slightly offset due to "modest increases in the access equipment markets even though the overall demand remains soft as rental houses continue [to] extend fleet life and delay purchases."
The company said the overall fall in sales was due to "significant declines in demand in the agricultural equipment markets serviced by the European Fabrication Division," and "significant declines in demand in the markets serviced by the Consumer Products Division."
Linamar reported an overall sales increase of 50.4% in the second quarter of 2009 and reported net earnings of $26.6 million, with an operating loss in the industrial division of $2.7 million compared to the previous year's loss of $10.4 million.
"We are happy to see our strong first quarter results improve even further in the second quarter," said Linda Hasenfratz, Linamar chief executive officer. "We are continuing to focus on improving earnings through top line growth coming from our robust launch book on a global basis."