The Industrial segment of Linamar, primarily made up of Skyjack, reported sales growth of 1.5%, or $2.2 million, to $144.7 million in the fourth quarter of 2016, compared to the same period in 2015.
The segment’s operating earnings also experienced an impressive quarter, with an increase of $4.3 million or 21.2%, to $20.3 million
This was due to increased scissor sales thanks to market growth in Europe and North America; along with an increase in scissor market share in Asia.
The manufacturer’s aim to provide a full range of telehandlers over the last 18 months has also seen it make serious inroads in that product sector, despite a softer market in North America, said the manufacturer.
This was partially offset by decreased booms sales due to very soft market conditions for this product in North America and Europe.
On an annual basis, the industrial segment’s 2016 operating earnings were $156.2 million, up from $145.2 million.
Across the Linamar group, sales increased 16% over 2015 to reach $6 billion; operating earnings increase 17% over 2015 to reach $696.8 million.
“The fourth quarter was another fantastic quarter for us, our 22nd consecutive quarter of double digit operating earnings growth, a record we are very proud of,” said Linamar CEO Linda Hasenfratz.“Consistent sustainable growth is a key element of Linamar’s story, as is the enormous markets we are focused on which just keep feeding our backlog to drive continued growth in the future.”