Skyjack continues climb in third quarter
By Euan Youdale19 November 2013
Linamar’s industrial division, which is largely made up by Skyjack, reported a sales increase of 25.1% to US$127.6 million in the third quarter of 2013, compared the same period in 2012.
The company said it followed, "increases in demand in the access equipment markets and higher sales from emerging global markets such as Brazil."
Operating earnings stood at $6.7 million or an impressive 837.5% over the third quarter in 2012, when the figure stood at $0.8 million. For the three months operating earnings stood at $46.8 million, up from $22.3 million in 2012.
The company added that it had increased its market share in the access sector, along with, “productivity and efficiency improvements driven by higher volumes on new products and cost savings initiatives on mature products.”
As a whole, Linamar saw sales increase by 15.5% over the third quarter of 2012 to reach $893.3 million. Operating earnings were up 53.4% at $73.5 million.
“We are delighted to register another solid quarter of double digit sales and earnings growth along with solid free cash flow, both driving continued building of margins and returns,” said Linda Hasenfratz, Linamar CEO.
“We saw a huge quarter in new business wins and continue to quote an unprecedented book of new business opportunities. The completion of our assembled camshaft division acquisition will support our future growth by adding another critical tool to our technology and innovation toolbox. The combination of these new business opportunities with the fantastic results for the quarter adds up to a great recipe for continued success.”