Linamar Records Double Digit Sales and Earnings Growth, Industrial Segment Profitable
(firmenpresse) - GUELPH, ONTARIO -- (Marketwire) -- 08/10/11 -- Linamar Corporation (TSX: LNR) -
Operating Highlights
Sales for the second quarter of 2011 ("Q2 2011") were $742.7 million, up $174.3 million from $568.4 million from Q2 2010:
Sales for the Powertrain/Driveline segment increased by $118.6 million, or 22.6% in Q2 2011 to $642.7 million compared to $524.1 million in Q2 2010. The sales increase in the second quarter was impacted by:
Industrial segment sales increased 125.7%, or $55.7 million from Q2 2010 to $100.0 million. The sales increase was due to:
The company's operating earnings for Q2 2011 were $43.8 million. This compares to $42.2 million operating profit for Q2 2010, an increase of $1.6 million.
Q2 2011 operating earnings of $43.3 million for the Powertrain/Driveline segment were slightly lower by $2.2 million from the operating earnings of $45.5 million in Q2 2010. The segment experienced the following in Q2 2011:
The operating earnings for the Industrial segment were $0.5 million in Q2 2011, an increase of $3.8 million from Q2 2010. The improvement in Industrial operating earnings was predominantly driven by:
"We are extremely pleased with our second quarter results which are driving us towards a record year in 2011," said Linamar CEO Linda Hasenfratz. "Sales and earnings are up substantially again in double digits despite flat global vehicle markets, content per vehicle is growing in every global centre and we continue to see great opportunities in the vehicle market place as evidenced by our considerable launch book that just keeps growing. And of course we couldn't be more pleased to see our Industrial segment at long last reach a profitable position after a long period of losses."
Dividends
The Board of Directors today declared an eligible dividend in respect to the quarter ended June 30, 2011 of CDN$0.08 per share on the common shares of the Company, payable on or after September 14, 2011 to shareholders of record on August 26, 2011.
Risk and Uncertainties (forward looking statements)
Linamar no longer provides a financial outlook.
Certain information provided by Linamar in these unaudited interim financial statements, MD&A and other documents published throughout the year that are not recitation of historical facts may constitute forward- looking statements. The words "estimate", "believe", "expect" and similar expressions are intended to identify forward-looking statements. Persons reading this report are cautioned that such statements are only predictions and the actual events or results may differ materially. In evaluating such forward-looking statements, readers should specifically consider the various factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements.
Such forward-looking information may involve important risks and uncertainties that could materially alter results in the future from those expressed or implied in any forward-looking statements made by, or on behalf of, Linamar. Some risks and uncertainties may cause results to differ from current expectations. The factors which are expected to have the greatest impact on Linamar include but are not limited to (in the various economies in which Linamar operates): the extent of OEM outsourcing, industry cyclicality, trade and labour disruptions, pricing concessions and cost absorptions, delays in program launches, the Company's dependence on certain engine and transmission programs and major OEM customers, currency exposure, and technological developments by Linamar's competitors.
A large proportion of the Company's cash flows are denominated in foreign currencies. The movement of foreign currency exchange rates against the Canadian dollar has the potential to have a negative impact on financial results. The Company has employed a hedging strategy as appropriate to attempt to mitigate the impact but cannot be completely assured that the entire exchange effect has been offset.
Other factors and risks and uncertainties that could cause results to differ from current expectations are discussed in the MD&A and include, but are not limited to: fluctuations in interest rates, environmental emission and safety regulations, governmental, environmental and regulatory policies, and changes in the competitive environment in which Linamar operates. Linamar assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Conference Call Information
Q2 Conference Call Information
Linamar will hold a conference call on August 10, 2011 at 5:00 p.m. EST to discuss its second quarter results. The numbers for this call are (647) 427-3420 (local/overseas) or (888) 300-0053 (North America) confirmation number 64036479, with a call-in required 10 minutes prior to the start of the conference call. The conference call will be chaired by Linda Hasenfratz, Linamar's Chief Executive Officer. A copy of the Company's full quarterly financial statements, including the Management's Discussion & Analysis will be available on the Company's website after 4:00 p.m. EST on August 10, 2011 and at by the start of business on August 11, 2011. A taped replay of the conference call will also be made available starting at 6:00 p.m. EST on August 10, 2011 for seven days. The number for replay is (800) 642-1687, Conference ID 64036479. The conference call can also be accessed by web cast at , by accessing the investor relations/events menu, and will be available for a seven day period.
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Q3 Conference Call Information
Linamar will hold a conference call on November 9, 2011 at 5:00 p.m. EST to discuss its third quarter results. The numbers for this call are (647) 427-3420 (local/overseas) or (888) 300-0053 (North America) confirmation number 64044743, with a call-in required 10 minutes prior to the start of the conference call. The conference call will be chaired by Linda Hasenfratz, Linamar's Chief Executive Officer. A copy of the Company's full quarterly financial statements, including the Management's Discussion & Analysis will be available on the Company's website after 4:00 p.m. EST on November 9, 2011 and at by the start of business on November 10, 2011. A taped replay of the conference call will also be made available starting at 6:00 p.m. EST on November 9, 2011 for seven days. The number for replay is (800) 642-1687, Conference ID 64044743. The conference call can also be accessed by web cast at , by accessing the investor relations/events menu, and will be available for a seven day period.
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Linamar Corporation (TSX: LNR) is a diversified global manufacturing company of highly engineered products powering vehicles, motion, work and lives. The Company is made up of 4 key divisions - Manufacturing, Driveline, Industrial Commercial Energy ("ICE") and Skyjack, all world leaders in the design, development and production of highly engineered products. The Company's Manufacturing and Driveline divisions focus on precision metallic components, modules and systems for engine, transmission and driveline systems designed for passenger vehicle markets. The ICE group concentrates on similar products for on and off highway vehicle, energy and other industrial markets. The Company's Skyjack division is noted for their innovative, high quality mobile industrial equipment, notably its class-leading aerial work platforms and telehandlers. With more than 14,900 employees in 39 manufacturing locations, 5 R&D centers and 13 sales offices in 11 countries in North America, Europe and Asia, Linamar generated sales of more than $2.2 Billion in 2010. For more information about Linamar Corporation and its industry leading products and services, visit .
Contacts:
Linamar Corporation
Linda Hasenfratz
Chief Executive Officer
(519) 836-7550
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Datum: 10.08.2011 - 14:00 Uhr
Sprache: Deutsch
News-ID 1029484
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