Despite mixed results from its first quarter, Linamar’s industrial division, which is largely made up by Skyjack, reported growth and a strong overall first half.
The industrial division saw revenues of $320.3 million for the first six months, up 10.5 percent over the same period last year. Operating profits were $39.3 million, up a healthy 82.8 percent due to strong sales of access equipment.
The report showed second quarter revenues at $182.9 million, up 23.1 percent, with operating income up 66.7 percent to $25 million.
“We are thrilled to register another solid quarter of record sales and earnings and solid free cash flow,” said Linda Hasenfratz, chief executive officer of Linamar.
“Margins and returns are at a high not seen for a decade, our order book remains strong with many more opportunities on the horizon and our international growth plans are evolving solidly as well. It was a great quarter delivered by a great team working hard to continually deliver great results.”
The Linmar company reported group revenues of $1.78 billion as a whole, up 6 percent.