Linamar has published its fifth consecutive year of record results, including increased revenues of 23 percent for its industrial division, which is largely composed of Skyjack.
Revenues for the industrial division were at C$852 million ($642 million), a new record, and operating profit for the same period increased 42 percent to C$156.2 million ($118 million).
The company said higher sales were the result of "significant market share growth for booms in North America, Europe and Asia Pacific," as well as growth in North American telehandler market share and for scissors in Asia Pacific. These high figures offset the "somehwat lower sales for scissor in North America," the company said in a statement.
Linamar said exchange rates were also favorable for the company, as well as higher volumes.
In the fourth quarter, sales increased by 15.8 percent to C$142.5 million ($107 million) while operating profits were 45 percent higher at C$20.3 million ($15.3 million).
"We are thrilled to deliver another record year on sales and earnings at Linamar, our fifth consecutive year of doing so," said Linda Hasenfratz, Linamar CEO. "Financially we again saw strong, industry-leading double-digit top and bottom line growth. Strategically, we have made enormous progress in 2015 in our vertical integration strategy, successfully acquiring or joint venturing with three world leading forging and alumnium casing companies. We are perfectly positioned for continued exciting market share growth driving continued exceptional performance in 2016 and beyond."
Linamar as a whole for the year reported revenues of $C5.2 billion ($3.9 billion) which was a 24 percent increase over the previous year. Earnings increased 36 percent to C$436 million ($329 million).